{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}/sscc/home/y/yqi306/FDI/twkorea.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}19 Jul 2010, 16:44:23
{txt}
{com}. use ecetest7.18.10.dta, clear
{txt}
{com}. 
. set more off
{txt}
{com}. 
. drop if countrycode!=103&countrycode!=140
{txt}(1117244 observations deleted)

{com}. 
. * Table 2a: static effects of ECE
. 
. qui xi: areg netmargin ece logassets age effic leverage i.province_id i.year if jv==1, absorb(firm_id) cluster(firm_id) 
{txt}
{com}. estimates store nmjv
{txt}
{com}. qui xi: areg roa ece logassets age effic leverage i.province_id i.year if jv==1, absorb(firm_id) cluster(firm_id)
{txt}
{com}. estimates store roajv
{txt}
{com}. qui xi: areg roe ece logassets age effic leverage i.province_id i.year if jv==1, absorb(firm_id) cluster(firm_id)
{txt}
{com}. estimates store roejv
{txt}
{com}. 
. qui xi: areg netmargin ece logassets age effic leverage i.province_id i.year if jv==0, absorb(firm_id) cluster(firm_id)
{txt}
{com}. estimates store nm
{txt}
{com}. qui xi: areg roa ece logassets age effic leverage i.province_id i.year if jv==0, absorb(firm_id) cluster(firm_id)
{txt}
{com}. estimates store roa
{txt}
{com}. qui xi: areg roe ece logassets age effic leverage i.province_id i.year if jv==0, absorb(firm_id) cluster(firm_id)
{txt}
{com}. estimates store roe
{txt}
{com}. 
. estimates table nmjv roajv roejv nm roa roe, b(%7.4f) t(%7.4f) stfmt(%7.4g) stats(N r2_a)
{res}
{txt}{hline 12}{c -}{c TT}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}
{ralign 12:Variable} {c |} {center 9:nmjv} {space 1} {center 9:roajv} {space 1} {center 9:roejv} {space 1} {center 9:nm} {space 1} {center 9:roa} {space 1} {center 9:roe} {space 1}
{hline 12}{c -}{c +}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}
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{res}{txt}{space 1}_Iyear_1999 {c |}{res} {ralign 9:-0.8088}{txt} {space 1}{res} {ralign 9:-0.8101}{txt} {space 1}{res} {ralign 9:-0.7759}{txt} {space 1}{res} {ralign 9:-0.7634}{txt} {space 1}{res} {ralign 9:-0.7670}{txt} {space 1}{res} {ralign 9:-0.7031}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-41.9380}{txt} {space 1}{res} {ralign 9:-43.3427}{txt} {space 1}{res} {ralign 9:-32.1040}{txt} {space 1}{res} {ralign 9:-42.4868}{txt} {space 1}{res} {ralign 9:-43.1969}{txt} {space 1}{res} {ralign 9:-31.4017}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2000 {c |}{res} {ralign 9:-0.8608}{txt} {space 1}{res} {ralign 9:-0.8278}{txt} {space 1}{res} {ralign 9:-0.8317}{txt} {space 1}{res} {ralign 9:-0.8266}{txt} {space 1}{res} {ralign 9:-0.7898}{txt} {space 1}{res} {ralign 9:-0.8091}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-39.6204}{txt} {space 1}{res} {ralign 9:-38.0483}{txt} {space 1}{res} {ralign 9:-29.3017}{txt} {space 1}{res} {ralign 9:-38.2530}{txt} {space 1}{res} {ralign 9:-36.3317}{txt} {space 1}{res} {ralign 9:-29.3897}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2001 {c |}{res} {ralign 9:-0.8091}{txt} {space 1}{res} {ralign 9:-0.7921}{txt} {space 1}{res} {ralign 9:-0.7784}{txt} {space 1}{res} {ralign 9:-0.7927}{txt} {space 1}{res} {ralign 9:-0.7671}{txt} {space 1}{res} {ralign 9:-0.7329}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-32.1589}{txt} {space 1}{res} {ralign 9:-31.7904}{txt} {space 1}{res} {ralign 9:-24.8887}{txt} {space 1}{res} {ralign 9:-30.8798}{txt} {space 1}{res} {ralign 9:-30.0581}{txt} {space 1}{res} {ralign 9:-23.4855}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2002 {c |}{res} {ralign 9:-0.9503}{txt} {space 1}{res} {ralign 9:-0.9287}{txt} {space 1}{res} {ralign 9:-0.9047}{txt} {space 1}{res} {ralign 9:-0.8938}{txt} {space 1}{res} {ralign 9:-0.8664}{txt} {space 1}{res} {ralign 9:-0.8259}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-35.6009}{txt} {space 1}{res} {ralign 9:-35.2289}{txt} {space 1}{res} {ralign 9:-26.9919}{txt} {space 1}{res} {ralign 9:-32.3343}{txt} {space 1}{res} {ralign 9:-31.5555}{txt} {space 1}{res} {ralign 9:-24.3774}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2003 {c |}{res} {ralign 9:-0.9981}{txt} {space 1}{res} {ralign 9:-0.9788}{txt} {space 1}{res} {ralign 9:-0.9762}{txt} {space 1}{res} {ralign 9:-0.9326}{txt} {space 1}{res} {ralign 9:-0.8978}{txt} {space 1}{res} {ralign 9:-0.8599}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-31.3843}{txt} {space 1}{res} {ralign 9:-31.1645}{txt} {space 1}{res} {ralign 9:-24.7505}{txt} {space 1}{res} {ralign 9:-28.2425}{txt} {space 1}{res} {ralign 9:-27.5166}{txt} {space 1}{res} {ralign 9:-21.3932}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2004 {c |}{res} {ralign 9:-1.0026}{txt} {space 1}{res} {ralign 9:-0.9911}{txt} {space 1}{res} {ralign 9:-1.0144}{txt} {space 1}{res} {ralign 9:-0.9466}{txt} {space 1}{res} {ralign 9:-0.9164}{txt} {space 1}{res} {ralign 9:-0.8836}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-27.3429}{txt} {space 1}{res} {ralign 9:-27.3823}{txt} {space 1}{res} {ralign 9:-22.2995}{txt} {space 1}{res} {ralign 9:-23.8817}{txt} {space 1}{res} {ralign 9:-23.3148}{txt} {space 1}{res} {ralign 9:-18.3112}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2005 {c |}{res} {ralign 9:-1.1923}{txt} {space 1}{res} {ralign 9:-1.1673}{txt} {space 1}{res} {ralign 9:-1.1913}{txt} {space 1}{res} {ralign 9:-1.1465}{txt} {space 1}{res} {ralign 9:-1.1038}{txt} {space 1}{res} {ralign 9:-1.0554}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-28.0153}{txt} {space 1}{res} {ralign 9:-27.8572}{txt} {space 1}{res} {ralign 9:-22.8073}{txt} {space 1}{res} {ralign 9:-25.3537}{txt} {space 1}{res} {ralign 9:-24.5965}{txt} {space 1}{res} {ralign 9:-19.1788}{txt} {space 1}
{res}{txt}{space 7}_cons {c |}{res} {ralign 9:0.8597}{txt} {space 1}{res} {ralign 9:0.9790}{txt} {space 1}{res} {ralign 9:0.2182}{txt} {space 1}{res} {ralign 9:1.1833}{txt} {space 1}{res} {ralign 9:1.1836}{txt} {space 1}{res} {ralign 9:0.8059}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:4.9867}{txt} {space 1}{res} {ralign 9:5.6832}{txt} {space 1}{res} {ralign 9:1.0472}{txt} {space 1}{res} {ralign 9:8.7104}{txt} {space 1}{res} {ralign 9:8.7683}{txt} {space 1}{res} {ralign 9:4.8923}{txt} {space 1}
{hline 12}{c -}{c +}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}
{ralign 12:N} {c |}{res} {ralign 9:9652}{txt} {space 1}{res} {ralign 9:9652}{txt} {space 1}{res} {ralign 9:9652}{txt} {space 1}{res} {ralign 9:15527}{txt} {space 1}{res} {ralign 9:15527}{txt} {space 1}{res} {ralign 9:15527}{txt} {space 1}
{ralign 12:r2_a} {c |}{res} {ralign 9:.3226}{txt} {space 1}{res} {ralign 9:.3281}{txt} {space 1}{res} {ralign 9:.2001}{txt} {space 1}{res} {ralign 9:.278}{txt} {space 1}{res} {ralign 9:.28}{txt} {space 1}{res} {ralign 9:.1796}{txt} {space 1}
{hline 12}{c -}{c BT}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}
{ralign 86:legend: b/t}

{com}. 
. *Mean-center age before interacting with ece dummy
. replace eceage=ece*(age-6)/3.29  
{txt}(16793 real changes made)

{com}. 
. *Table 3: Dynamic effects -- ece*age
. 
. xi: areg netmargin eceage ece logassets age effic leverage i.year if jv==1, absorb(firm_id) cluster(firm_id)
{txt}i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{txt}{col 56}F({res} 13{txt},{res}  2218{txt}) ={res} 1170.75
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.4794
{txt}{col 56}Adj R-squared ={res}  0.3228
{txt}{col 56}Root MSE      = {res} .38711

{txt}{ralign 78:(Std. Err. adjusted for {res:2219} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0222655{col 26}{space 2}  .015684{col 37}{space 1}   -1.42{col 46}{space 3}0.156{col 54}{space 4}-.0530224{col 67}{space 3} .0084914
{txt}{space 9}ece {c |}{col 14}{res}{space 2}  -.03307{col 26}{space 2} .0259442{col 37}{space 1}   -1.27{col 46}{space 3}0.203{col 54}{space 4}-.0839474{col 67}{space 3} .0178074
{txt}{space 3}logassets {c |}{col 14}{res}{space 2} .0111347{col 26}{space 2} .0179519{col 37}{space 1}    0.62{col 46}{space 3}0.535{col 54}{space 4}-.0240696{col 67}{space 3} .0463391
{txt}{space 9}age {c |}{col 14}{res}{space 2} .0072421{col 26}{space 2} .0065819{col 37}{space 1}    1.10{col 46}{space 3}0.271{col 54}{space 4}-.0056653{col 67}{space 3} .0201495
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .1646865{col 26}{space 2} .0848113{col 37}{space 1}    1.94{col 46}{space 3}0.052{col 54}{space 4}-.0016315{col 67}{space 3} .3310044
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .3339178{col 26}{space 2} .0469552{col 37}{space 1}    7.11{col 46}{space 3}0.000{col 54}{space 4} .2418371{col 67}{space 3} .4259985
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.8088084{col 26}{space 2} .0192766{col 37}{space 1}  -41.96{col 46}{space 3}0.000{col 54}{space 4}-.8466105{col 67}{space 3}-.7710064
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.8608534{col 26}{space 2} .0217093{col 37}{space 1}  -39.65{col 46}{space 3}0.000{col 54}{space 4}-.9034261{col 67}{space 3}-.8182808
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.8088557{col 26}{space 2} .0251685{col 37}{space 1}  -32.14{col 46}{space 3}0.000{col 54}{space 4} -.858212{col 67}{space 3}-.7594994
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.9499853{col 26}{space 2} .0266652{col 37}{space 1}  -35.63{col 46}{space 3}0.000{col 54}{space 4}-1.002277{col 67}{space 3}-.8976939
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} -.997777{col 26}{space 2}  .031762{col 37}{space 1}  -31.41{col 46}{space 3}0.000{col 54}{space 4}-1.060063{col 67}{space 3}-.9354907
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2} -1.00232{col 26}{space 2} .0365892{col 37}{space 1}  -27.39{col 46}{space 3}0.000{col 54}{space 4}-1.074073{col 67}{space 3}-.9305677
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} -1.19234{col 26}{space 2} .0424914{col 37}{space 1}  -28.06{col 46}{space 3}0.000{col 54}{space 4}-1.275667{col 67}{space 3}-1.109013
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .8346635{col 26}{space 2} .1746444{col 37}{space 1}    4.78{col 46}{space 3}0.000{col 54}{space 4} .4921799{col 67}{space 3} 1.177147
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (2219 categories)

{com}. estimates store nmjv
{txt}
{com}. xi: areg roa eceage ece logassets age effic leverage i.year if jv==1, absorb(firm_id) cluster(firm_id)
{txt}i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{txt}{col 56}F({res} 13{txt},{res}  2218{txt}) ={res} 1111.92
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.4835
{txt}{col 56}Adj R-squared ={res}  0.3282
{txt}{col 56}Root MSE      = {res} .37888

{txt}{ralign 78:(Std. Err. adjusted for {res:2219} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0213523{col 26}{space 2} .0152452{col 37}{space 1}   -1.40{col 46}{space 3}0.161{col 54}{space 4}-.0512487{col 67}{space 3} .0085441
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0527963{col 26}{space 2} .0252769{col 37}{space 1}   -2.09{col 46}{space 3}0.037{col 54}{space 4}-.1023651{col 67}{space 3}-.0032274
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.0025943{col 26}{space 2} .0179515{col 37}{space 1}   -0.14{col 46}{space 3}0.885{col 54}{space 4}-.0377977{col 67}{space 3} .0326092
{txt}{space 9}age {c |}{col 14}{res}{space 2} .0097172{col 26}{space 2}  .006455{col 37}{space 1}    1.51{col 46}{space 3}0.132{col 54}{space 4}-.0029413{col 67}{space 3} .0223757
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .1860633{col 26}{space 2} .0749678{col 37}{space 1}    2.48{col 46}{space 3}0.013{col 54}{space 4} .0390488{col 67}{space 3} .3330777
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .3635458{col 26}{space 2} .0480676{col 37}{space 1}    7.56{col 46}{space 3}0.000{col 54}{space 4} .2692836{col 67}{space 3} .4578079
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.810132{col 26}{space 2} .0186826{col 37}{space 1}  -43.36{col 46}{space 3}0.000{col 54}{space 4}-.8467692{col 67}{space 3}-.7734948
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.8278642{col 26}{space 2} .0217703{col 37}{space 1}  -38.03{col 46}{space 3}0.000{col 54}{space 4}-.8705564{col 67}{space 3} -.785172
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7918712{col 26}{space 2} .0249668{col 37}{space 1}  -31.72{col 46}{space 3}0.000{col 54}{space 4} -.840832{col 67}{space 3}-.7429104
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.9283226{col 26}{space 2} .0263812{col 37}{space 1}  -35.19{col 46}{space 3}0.000{col 54}{space 4} -.980057{col 67}{space 3}-.8765882
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.9784291{col 26}{space 2} .0314202{col 37}{space 1}  -31.14{col 46}{space 3}0.000{col 54}{space 4}-1.040045{col 67}{space 3} -.916813
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.9908721{col 26}{space 2} .0362022{col 37}{space 1}  -27.37{col 46}{space 3}0.000{col 54}{space 4}-1.061866{col 67}{space 3}-.9198784
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.167343{col 26}{space 2} .0419107{col 37}{space 1}  -27.85{col 46}{space 3}0.000{col 54}{space 4}-1.249531{col 67}{space 3}-1.085154
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  .954956{col 26}{space 2} .1741291{col 37}{space 1}    5.48{col 46}{space 3}0.000{col 54}{space 4}  .613483{col 67}{space 3} 1.296429
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (2219 categories)

{com}. estimates store roajv
{txt}
{com}. xi: areg roe eceage ece logassets age effic leverage i.year if jv==1, absorb(firm_id) cluster(firm_id)
{txt}i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{txt}{col 56}F({res} 13{txt},{res}  2218{txt}) ={res}  552.16
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.3851
{txt}{col 56}Adj R-squared ={res}  0.2002
{txt}{col 56}Root MSE      = {res} .51529

{txt}{ralign 78:(Std. Err. adjusted for {res:2219} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0205625{col 26}{space 2} .0187506{col 37}{space 1}   -1.10{col 46}{space 3}0.273{col 54}{space 4}-.0573331{col 67}{space 3} .0162081
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0442265{col 26}{space 2} .0327273{col 37}{space 1}   -1.35{col 46}{space 3}0.177{col 54}{space 4}-.1084059{col 67}{space 3} .0199529
{txt}{space 3}logassets {c |}{col 14}{res}{space 2} .0556822{col 26}{space 2} .0217084{col 37}{space 1}    2.57{col 46}{space 3}0.010{col 54}{space 4} .0131113{col 67}{space 3} .0982532
{txt}{space 9}age {c |}{col 14}{res}{space 2} .0150177{col 26}{space 2} .0076417{col 37}{space 1}    1.97{col 46}{space 3}0.050{col 54}{space 4} .0000321{col 67}{space 3} .0300032
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .2173338{col 26}{space 2} .0908299{col 37}{space 1}    2.39{col 46}{space 3}0.017{col 54}{space 4} .0392132{col 67}{space 3} .3954544
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .6867883{col 26}{space 2} .0611334{col 37}{space 1}   11.23{col 46}{space 3}0.000{col 54}{space 4} .5669036{col 67}{space 3} .8066729
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7759601{col 26}{space 2} .0241805{col 37}{space 1}  -32.09{col 46}{space 3}0.000{col 54}{space 4}-.8233789{col 67}{space 3}-.7285414
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2} -.831721{col 26}{space 2} .0284177{col 37}{space 1}  -29.27{col 46}{space 3}0.000{col 54}{space 4}-.8874491{col 67}{space 3}-.7759929
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7781324{col 26}{space 2} .0314026{col 37}{space 1}  -24.78{col 46}{space 3}0.000{col 54}{space 4}-.8397139{col 67}{space 3}-.7165509
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2} -.904388{col 26}{space 2} .0336493{col 37}{space 1}  -26.88{col 46}{space 3}0.000{col 54}{space 4}-.9703755{col 67}{space 3}-.8384006
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}  -.97586{col 26}{space 2} .0395913{col 37}{space 1}  -24.65{col 46}{space 3}0.000{col 54}{space 4}  -1.0535{col 67}{space 3}-.8982202
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-1.014175{col 26}{space 2} .0456551{col 37}{space 1}  -22.21{col 46}{space 3}0.000{col 54}{space 4}-1.103707{col 67}{space 3}-.9246442
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.191387{col 26}{space 2} .0524173{col 37}{space 1}  -22.73{col 46}{space 3}0.000{col 54}{space 4}-1.294179{col 67}{space 3}-1.088595
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .1950758{col 26}{space 2} .2099583{col 37}{space 1}    0.93{col 46}{space 3}0.353{col 54}{space 4}-.2166596{col 67}{space 3} .6068113
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (2219 categories)

{com}. estimates store roejv
{txt}
{com}. 
. xi: areg netmargin eceage ece logassets age effic leverage i.year if jv==0, absorb(firm_id) cluster(firm_id)
{txt}i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{txt}{col 56}F({res} 13{txt},{res}  3543{txt}) ={res} 1772.06
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.4436
{txt}{col 56}Adj R-squared ={res}  0.2783
{txt}{col 56}Root MSE      = {res} .40443

{txt}{ralign 78:(Std. Err. adjusted for {res:3544} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0244318{col 26}{space 2} .0125897{col 37}{space 1}   -1.94{col 46}{space 3}0.052{col 54}{space 4}-.0491156{col 67}{space 3}  .000252
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0218397{col 26}{space 2} .0257855{col 37}{space 1}    0.85{col 46}{space 3}0.397{col 54}{space 4}-.0287162{col 67}{space 3} .0723955
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.0201743{col 26}{space 2} .0143308{col 37}{space 1}   -1.41{col 46}{space 3}0.159{col 54}{space 4}-.0482718{col 67}{space 3} .0079232
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0005891{col 26}{space 2} .0064079{col 37}{space 1}   -0.09{col 46}{space 3}0.927{col 54}{space 4}-.0131527{col 67}{space 3} .0119745
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0649366{col 26}{space 2} .0806176{col 37}{space 1}   -0.81{col 46}{space 3}0.421{col 54}{space 4}-.2229982{col 67}{space 3} .0931251
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .3466787{col 26}{space 2} .0344941{col 37}{space 1}   10.05{col 46}{space 3}0.000{col 54}{space 4} .2790483{col 67}{space 3}  .414309
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7629262{col 26}{space 2} .0179934{col 37}{space 1}  -42.40{col 46}{space 3}0.000{col 54}{space 4}-.7982047{col 67}{space 3}-.7276478
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.8257276{col 26}{space 2} .0216799{col 37}{space 1}  -38.09{col 46}{space 3}0.000{col 54}{space 4} -.868234{col 67}{space 3}-.7832213
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7921413{col 26}{space 2} .0258125{col 37}{space 1}  -30.69{col 46}{space 3}0.000{col 54}{space 4}-.8427501{col 67}{space 3}-.7415325
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8929405{col 26}{space 2} .0278248{col 37}{space 1}  -32.09{col 46}{space 3}0.000{col 54}{space 4}-.9474948{col 67}{space 3}-.8383862
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.9313036{col 26}{space 2} .0332296{col 37}{space 1}  -28.03{col 46}{space 3}0.000{col 54}{space 4}-.9964546{col 67}{space 3}-.8661525
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.9454343{col 26}{space 2} .0398819{col 37}{space 1}  -23.71{col 46}{space 3}0.000{col 54}{space 4}-1.023628{col 67}{space 3}-.8672405
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.145209{col 26}{space 2} .0455139{col 37}{space 1}  -25.16{col 46}{space 3}0.000{col 54}{space 4}-1.234445{col 67}{space 3}-1.055973
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 1.153556{col 26}{space 2} .1379608{col 37}{space 1}    8.36{col 46}{space 3}0.000{col 54}{space 4} .8830653{col 67}{space 3} 1.424047
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (3544 categories)

{com}. estimates store nm
{txt}
{com}. xi: areg roa eceage ece logassets age effic leverage i.year if jv==0, absorb(firm_id) cluster(firm_id)
{txt}i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{txt}{col 56}F({res} 13{txt},{res}  3543{txt}) ={res} 1649.50
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.4451
{txt}{col 56}Adj R-squared ={res}  0.2802
{txt}{col 56}Root MSE      = {res} .40025

{txt}{ralign 78:(Std. Err. adjusted for {res:3544} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} -.021084{col 26}{space 2} .0124957{col 37}{space 1}   -1.69{col 46}{space 3}0.092{col 54}{space 4}-.0455835{col 67}{space 3} .0034155
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0129039{col 26}{space 2} .0248053{col 37}{space 1}    0.52{col 46}{space 3}0.603{col 54}{space 4}-.0357302{col 67}{space 3} .0615379
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.0210704{col 26}{space 2} .0143116{col 37}{space 1}   -1.47{col 46}{space 3}0.141{col 54}{space 4}-.0491303{col 67}{space 3} .0069895
{txt}{space 9}age {c |}{col 14}{res}{space 2} -.003234{col 26}{space 2} .0063586{col 37}{space 1}   -0.51{col 46}{space 3}0.611{col 54}{space 4} -.015701{col 67}{space 3} .0092329
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0117154{col 26}{space 2} .0691457{col 37}{space 1}   -0.17{col 46}{space 3}0.865{col 54}{space 4}-.1472848{col 67}{space 3}  .123854
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .3697975{col 26}{space 2} .0344564{col 37}{space 1}   10.73{col 46}{space 3}0.000{col 54}{space 4} .3022412{col 67}{space 3} .4373538
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.766566{col 26}{space 2}  .017773{col 37}{space 1}  -43.13{col 46}{space 3}0.000{col 54}{space 4}-.8014123{col 67}{space 3}-.7317197
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7889802{col 26}{space 2} .0218057{col 37}{space 1}  -36.18{col 46}{space 3}0.000{col 54}{space 4}-.8317333{col 67}{space 3}-.7462271
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7666379{col 26}{space 2} .0256487{col 37}{space 1}  -29.89{col 46}{space 3}0.000{col 54}{space 4}-.8169257{col 67}{space 3}-.7163501
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8656103{col 26}{space 2}  .027621{col 37}{space 1}  -31.34{col 46}{space 3}0.000{col 54}{space 4} -.919765{col 67}{space 3}-.8114555
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8966599{col 26}{space 2} .0328238{col 37}{space 1}  -27.32{col 46}{space 3}0.000{col 54}{space 4}-.9610153{col 67}{space 3}-.8323045
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.9153306{col 26}{space 2} .0395335{col 37}{space 1}  -23.15{col 46}{space 3}0.000{col 54}{space 4}-.9928413{col 67}{space 3}  -.83782
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.102649{col 26}{space 2} .0451453{col 37}{space 1}  -24.42{col 46}{space 3}0.000{col 54}{space 4}-1.191163{col 67}{space 3}-1.014136
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 1.157191{col 26}{space 2} .1372208{col 37}{space 1}    8.43{col 46}{space 3}0.000{col 54}{space 4} .8881514{col 67}{space 3} 1.426231
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (3544 categories)

{com}. estimates store roa
{txt}
{com}. xi: areg roe eceage ece logassets age effic leverage i.year if jv==0, absorb(firm_id) cluster(firm_id)
{txt}i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{txt}{col 56}F({res} 13{txt},{res}  3543{txt}) ={res}  932.27
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.3675
{txt}{col 56}Adj R-squared ={res}  0.1796
{txt}{col 56}Root MSE      = {res} .52167

{txt}{ralign 78:(Std. Err. adjusted for {res:3544} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0118288{col 26}{space 2} .0157024{col 37}{space 1}   -0.75{col 46}{space 3}0.451{col 54}{space 4}-.0426155{col 67}{space 3} .0189579
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0224623{col 26}{space 2} .0321752{col 37}{space 1}    0.70{col 46}{space 3}0.485{col 54}{space 4}-.0406215{col 67}{space 3} .0855461
{txt}{space 3}logassets {c |}{col 14}{res}{space 2} .0063491{col 26}{space 2} .0174488{col 37}{space 1}    0.36{col 46}{space 3}0.716{col 54}{space 4}-.0278615{col 67}{space 3} .0405597
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0091937{col 26}{space 2} .0079862{col 37}{space 1}   -1.15{col 46}{space 3}0.250{col 54}{space 4}-.0248518{col 67}{space 3} .0064643
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0384895{col 26}{space 2} .0864681{col 37}{space 1}   -0.45{col 46}{space 3}0.656{col 54}{space 4}-.2080219{col 67}{space 3} .1310428
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .5966755{col 26}{space 2} .0425834{col 37}{space 1}   14.01{col 46}{space 3}0.000{col 54}{space 4}  .513185{col 67}{space 3} .6801661
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7027841{col 26}{space 2} .0223846{col 37}{space 1}  -31.40{col 46}{space 3}0.000{col 54}{space 4} -.746672{col 67}{space 3}-.6588961
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2} -.808597{col 26}{space 2} .0275559{col 37}{space 1}  -29.34{col 46}{space 3}0.000{col 54}{space 4} -.862624{col 67}{space 3}  -.75457
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7326258{col 26}{space 2} .0312849{col 37}{space 1}  -23.42{col 46}{space 3}0.000{col 54}{space 4}-.7939641{col 67}{space 3}-.6712875
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8253868{col 26}{space 2} .0339597{col 37}{space 1}  -24.30{col 46}{space 3}0.000{col 54}{space 4}-.8919694{col 67}{space 3}-.7588042
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8592399{col 26}{space 2} .0403011{col 37}{space 1}  -21.32{col 46}{space 3}0.000{col 54}{space 4}-.9382556{col 67}{space 3}-.7802242
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.8829948{col 26}{space 2} .0483865{col 37}{space 1}  -18.25{col 46}{space 3}0.000{col 54}{space 4} -.977863{col 67}{space 3}-.7881265
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.054678{col 26}{space 2}  .055184{col 37}{space 1}  -19.11{col 46}{space 3}0.000{col 54}{space 4}-1.162873{col 67}{space 3}-.9464819
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .7893135{col 26}{space 2} .1672508{col 37}{space 1}    4.72{col 46}{space 3}0.000{col 54}{space 4} .4613958{col 67}{space 3} 1.117231
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (3544 categories)

{com}. estimates store roe
{txt}
{com}. 
. estimates table nmjv roajv roejv nm roa roe, b(%7.4f) t(%7.4f) stfmt(%7.4g) stats(N r2_a)
{res}
{txt}{hline 12}{c -}{c TT}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 12:Variable} {c |} {center 8:nmjv} {space 1} {center 8:roajv} {space 1} {center 8:roejv} {space 1} {center 8:nm} {space 1} {center 8:roa} {space 1} {center 8:roe} {space 1}
{hline 12}{c -}{c +}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{res}{txt}{space 6}eceage {c |}{res} {ralign 8:-0.0223}{txt} {space 1}{res} {ralign 8:-0.0214}{txt} {space 1}{res} {ralign 8:-0.0206}{txt} {space 1}{res} {ralign 8:-0.0244}{txt} {space 1}{res} {ralign 8:-0.0211}{txt} {space 1}{res} {ralign 8:-0.0118}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:-1.4196}{txt} {space 1}{res} {ralign 8:-1.4006}{txt} {space 1}{res} {ralign 8:-1.0966}{txt} {space 1}{res} {ralign 8:-1.9406}{txt} {space 1}{res} {ralign 8:-1.6873}{txt} {space 1}{res} {ralign 8:-0.7533}{txt} {space 1}
{res}{txt}{space 9}ece {c |}{res} {ralign 8:-0.0331}{txt} {space 1}{res} {ralign 8:-0.0528}{txt} {space 1}{res} {ralign 8:-0.0442}{txt} {space 1}{res} {ralign 8:0.0218}{txt} {space 1}{res} {ralign 8:0.0129}{txt} {space 1}{res} {ralign 8:0.0225}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:-1.2747}{txt} {space 1}{res} {ralign 8:-2.0887}{txt} {space 1}{res} {ralign 8:-1.3514}{txt} {space 1}{res} {ralign 8:0.8470}{txt} {space 1}{res} {ralign 8:0.5202}{txt} {space 1}{res} {ralign 8:0.6981}{txt} {space 1}
{res}{txt}{space 3}logassets {c |}{res} {ralign 8:0.0111}{txt} {space 1}{res} {ralign 8:-0.0026}{txt} {space 1}{res} {ralign 8:0.0557}{txt} {space 1}{res} {ralign 8:-0.0202}{txt} {space 1}{res} {ralign 8:-0.0211}{txt} {space 1}{res} {ralign 8:0.0063}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:0.6203}{txt} {space 1}{res} {ralign 8:-0.1445}{txt} {space 1}{res} {ralign 8:2.5650}{txt} {space 1}{res} {ralign 8:-1.4078}{txt} {space 1}{res} {ralign 8:-1.4723}{txt} {space 1}{res} {ralign 8:0.3639}{txt} {space 1}
{res}{txt}{space 9}age {c |}{res} {ralign 8:0.0072}{txt} {space 1}{res} {ralign 8:0.0097}{txt} {space 1}{res} {ralign 8:0.0150}{txt} {space 1}{res} {ralign 8:-0.0006}{txt} {space 1}{res} {ralign 8:-0.0032}{txt} {space 1}{res} {ralign 8:-0.0092}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:1.1003}{txt} {space 1}{res} {ralign 8:1.5054}{txt} {space 1}{res} {ralign 8:1.9652}{txt} {space 1}{res} {ralign 8:-0.0919}{txt} {space 1}{res} {ralign 8:-0.5086}{txt} {space 1}{res} {ralign 8:-1.1512}{txt} {space 1}
{res}{txt}{space 7}effic {c |}{res} {ralign 8:0.1647}{txt} {space 1}{res} {ralign 8:0.1861}{txt} {space 1}{res} {ralign 8:0.2173}{txt} {space 1}{res} {ralign 8:-0.0649}{txt} {space 1}{res} {ralign 8:-0.0117}{txt} {space 1}{res} {ralign 8:-0.0385}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:1.9418}{txt} {space 1}{res} {ralign 8:2.4819}{txt} {space 1}{res} {ralign 8:2.3928}{txt} {space 1}{res} {ralign 8:-0.8055}{txt} {space 1}{res} {ralign 8:-0.1694}{txt} {space 1}{res} {ralign 8:-0.4451}{txt} {space 1}
{res}{txt}{space 4}leverage {c |}{res} {ralign 8:0.3339}{txt} {space 1}{res} {ralign 8:0.3635}{txt} {space 1}{res} {ralign 8:0.6868}{txt} {space 1}{res} {ralign 8:0.3467}{txt} {space 1}{res} {ralign 8:0.3698}{txt} {space 1}{res} {ralign 8:0.5967}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:7.1114}{txt} {space 1}{res} {ralign 8:7.5632}{txt} {space 1}{res} {ralign 8:11.2343}{txt} {space 1}{res} {ralign 8:10.0504}{txt} {space 1}{res} {ralign 8:10.7323}{txt} {space 1}{res} {ralign 8:14.0119}{txt} {space 1}
{res}{txt}{space 1}_Iyear_1999 {c |}{res} {ralign 8:-0.8088}{txt} {space 1}{res} {ralign 8:-0.8101}{txt} {space 1}{res} {ralign 8:-0.7760}{txt} {space 1}{res} {ralign 8:-0.7629}{txt} {space 1}{res} {ralign 8:-0.7666}{txt} {space 1}{res} {ralign 8:-0.7028}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:-41.9580}{txt} {space 1}{res} {ralign 8:-43.3629}{txt} {space 1}{res} {ralign 8:-32.0903}{txt} {space 1}{res} {ralign 8:-42.4004}{txt} {space 1}{res} {ralign 8:-43.1310}{txt} {space 1}{res} {ralign 8:-31.3959}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2000 {c |}{res} {ralign 8:-0.8609}{txt} {space 1}{res} {ralign 8:-0.8279}{txt} {space 1}{res} {ralign 8:-0.8317}{txt} {space 1}{res} {ralign 8:-0.8257}{txt} {space 1}{res} {ralign 8:-0.7890}{txt} {space 1}{res} {ralign 8:-0.8086}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:-39.6537}{txt} {space 1}{res} {ralign 8:-38.0273}{txt} {space 1}{res} {ralign 8:-29.2677}{txt} {space 1}{res} {ralign 8:-38.0872}{txt} {space 1}{res} {ralign 8:-36.1822}{txt} {space 1}{res} {ralign 8:-29.3439}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2001 {c |}{res} {ralign 8:-0.8089}{txt} {space 1}{res} {ralign 8:-0.7919}{txt} {space 1}{res} {ralign 8:-0.7781}{txt} {space 1}{res} {ralign 8:-0.7921}{txt} {space 1}{res} {ralign 8:-0.7666}{txt} {space 1}{res} {ralign 8:-0.7326}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:-32.1376}{txt} {space 1}{res} {ralign 8:-31.7169}{txt} {space 1}{res} {ralign 8:-24.7792}{txt} {space 1}{res} {ralign 8:-30.6883}{txt} {space 1}{res} {ralign 8:-29.8899}{txt} {space 1}{res} {ralign 8:-23.4178}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2002 {c |}{res} {ralign 8:-0.9500}{txt} {space 1}{res} {ralign 8:-0.9283}{txt} {space 1}{res} {ralign 8:-0.9044}{txt} {space 1}{res} {ralign 8:-0.8929}{txt} {space 1}{res} {ralign 8:-0.8656}{txt} {space 1}{res} {ralign 8:-0.8254}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:-35.6264}{txt} {space 1}{res} {ralign 8:-35.1888}{txt} {space 1}{res} {ralign 8:-26.8769}{txt} {space 1}{res} {ralign 8:-32.0915}{txt} {space 1}{res} {ralign 8:-31.3388}{txt} {space 1}{res} {ralign 8:-24.3049}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2003 {c |}{res} {ralign 8:-0.9978}{txt} {space 1}{res} {ralign 8:-0.9784}{txt} {space 1}{res} {ralign 8:-0.9759}{txt} {space 1}{res} {ralign 8:-0.9313}{txt} {space 1}{res} {ralign 8:-0.8967}{txt} {space 1}{res} {ralign 8:-0.8592}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:-31.4142}{txt} {space 1}{res} {ralign 8:-31.1401}{txt} {space 1}{res} {ralign 8:-24.6484}{txt} {space 1}{res} {ralign 8:-28.0263}{txt} {space 1}{res} {ralign 8:-27.3174}{txt} {space 1}{res} {ralign 8:-21.3205}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2004 {c |}{res} {ralign 8:-1.0023}{txt} {space 1}{res} {ralign 8:-0.9909}{txt} {space 1}{res} {ralign 8:-1.0142}{txt} {space 1}{res} {ralign 8:-0.9454}{txt} {space 1}{res} {ralign 8:-0.9153}{txt} {space 1}{res} {ralign 8:-0.8830}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:-27.3939}{txt} {space 1}{res} {ralign 8:-27.3705}{txt} {space 1}{res} {ralign 8:-22.2138}{txt} {space 1}{res} {ralign 8:-23.7058}{txt} {space 1}{res} {ralign 8:-23.1533}{txt} {space 1}{res} {ralign 8:-18.2488}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2005 {c |}{res} {ralign 8:-1.1923}{txt} {space 1}{res} {ralign 8:-1.1673}{txt} {space 1}{res} {ralign 8:-1.1914}{txt} {space 1}{res} {ralign 8:-1.1452}{txt} {space 1}{res} {ralign 8:-1.1026}{txt} {space 1}{res} {ralign 8:-1.0547}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:-28.0607}{txt} {space 1}{res} {ralign 8:-27.8531}{txt} {space 1}{res} {ralign 8:-22.7289}{txt} {space 1}{res} {ralign 8:-25.1618}{txt} {space 1}{res} {ralign 8:-24.4244}{txt} {space 1}{res} {ralign 8:-19.1120}{txt} {space 1}
{res}{txt}{space 7}_cons {c |}{res} {ralign 8:0.8347}{txt} {space 1}{res} {ralign 8:0.9550}{txt} {space 1}{res} {ralign 8:0.1951}{txt} {space 1}{res} {ralign 8:1.1536}{txt} {space 1}{res} {ralign 8:1.1572}{txt} {space 1}{res} {ralign 8:0.7893}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:4.7792}{txt} {space 1}{res} {ralign 8:5.4842}{txt} {space 1}{res} {ralign 8:0.9291}{txt} {space 1}{res} {ralign 8:8.3615}{txt} {space 1}{res} {ralign 8:8.4331}{txt} {space 1}{res} {ralign 8:4.7193}{txt} {space 1}
{hline 12}{c -}{c +}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 12:N} {c |}{res} {ralign 8:9652}{txt} {space 1}{res} {ralign 8:9652}{txt} {space 1}{res} {ralign 8:9652}{txt} {space 1}{res} {ralign 8:15527}{txt} {space 1}{res} {ralign 8:15527}{txt} {space 1}{res} {ralign 8:15527}{txt} {space 1}
{ralign 12:r2_a} {c |}{res} {ralign 8:.3228}{txt} {space 1}{res} {ralign 8:.3282}{txt} {space 1}{res} {ralign 8:.2002}{txt} {space 1}{res} {ralign 8:.2783}{txt} {space 1}{res} {ralign 8:.2802}{txt} {space 1}{res} {ralign 8:.1796}{txt} {space 1}
{hline 12}{c -}{c BT}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 80:legend: b/t}

{com}. 
{txt}end of do-file

{com}. do "/tmp/yqi306/SD09543.000000"
{txt}
{com}. * Table 5: Check robustness after adding more controls.
. 
. xi: areg netmargin eceage ece logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.year if jv==1, absorb(firm_id) cluster(firm_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{txt}{col 56}F({res} 28{txt},{res}  2218{txt}) ={res}  455.94
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.5029
{txt}{col 56}Adj R-squared ={res}  0.3521
{txt}{col 56}Root MSE      = {res} .37865

{txt}{ralign 78:(Std. Err. adjusted for {res:2219} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0282292{col 26}{space 2} .0148455{col 37}{space 1}   -1.90{col 46}{space 3}0.057{col 54}{space 4}-.0573418{col 67}{space 3} .0008834
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0099849{col 26}{space 2} .0255373{col 37}{space 1}   -0.39{col 46}{space 3}0.696{col 54}{space 4}-.0600644{col 67}{space 3} .0400946
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.8651116{col 26}{space 2} .1359361{col 37}{space 1}   -6.36{col 46}{space 3}0.000{col 54}{space 4}-1.131687{col 67}{space 3}-.5985363
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0851119{col 26}{space 2} .0100218{col 37}{space 1}   -8.49{col 46}{space 3}0.000{col 54}{space 4} -.104765{col 67}{space 3}-.0654588
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .3928454{col 26}{space 2} .1865063{col 37}{space 1}    2.11{col 46}{space 3}0.035{col 54}{space 4} .0271002{col 67}{space 3} .7585906
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0264069{col 26}{space 2} .1386771{col 37}{space 1}    0.19{col 46}{space 3}0.849{col 54}{space 4}-.2455435{col 67}{space 3} .2983573
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0450438{col 26}{space 2} .0066489{col 37}{space 1}    6.77{col 46}{space 3}0.000{col 54}{space 4}  .032005{col 67}{space 3} .0580826
{txt}{space 7}agesq {c |}{col 14}{res}{space 2}  .005822{col 26}{space 2} .0005049{col 37}{space 1}   11.53{col 46}{space 3}0.000{col 54}{space 4} .0048319{col 67}{space 3} .0068122
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3350435{col 26}{space 2} .1284486{col 37}{space 1}    2.61{col 46}{space 3}0.009{col 54}{space 4} .0831515{col 67}{space 3} .5869356
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-3.18e-07{col 26}{space 2} 2.25e-07{col 37}{space 1}   -1.41{col 46}{space 3}0.158{col 54}{space 4}-7.60e-07{col 67}{space 3} 1.24e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-4.97e-07{col 26}{space 2} 3.27e-07{col 37}{space 1}   -1.52{col 46}{space 3}0.128{col 54}{space 4}-1.14e-06{col 67}{space 3} 1.44e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0052483{col 26}{space 2} .0157313{col 37}{space 1}    0.33{col 46}{space 3}0.739{col 54}{space 4}-.0256012{col 67}{space 3} .0360978
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}  .165981{col 26}{space 2} .1340685{col 37}{space 1}    1.24{col 46}{space 3}0.216{col 54}{space 4}-.0969319{col 67}{space 3} .4288939
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1293074{col 26}{space 2} .1243477{col 37}{space 1}    1.04{col 46}{space 3}0.299{col 54}{space 4}-.1145427{col 67}{space 3} .3731575
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .1409773{col 26}{space 2} .1244842{col 37}{space 1}    1.13{col 46}{space 3}0.258{col 54}{space 4}-.1031404{col 67}{space 3}  .385095
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .1377481{col 26}{space 2}  .135062{col 37}{space 1}    1.02{col 46}{space 3}0.308{col 54}{space 4} -.127113{col 67}{space 3} .4026093
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1403858{col 26}{space 2} .1244372{col 37}{space 1}    1.13{col 46}{space 3}0.259{col 54}{space 4}-.1036398{col 67}{space 3} .3844113
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .1278789{col 26}{space 2} .1257994{col 37}{space 1}    1.02{col 46}{space 3}0.309{col 54}{space 4} -.118818{col 67}{space 3} .3745758
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.0861023{col 26}{space 2} .1732354{col 37}{space 1}   -0.50{col 46}{space 3}0.619{col 54}{space 4}-.4258228{col 67}{space 3} .2536181
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1406911{col 26}{space 2} .1259974{col 37}{space 1}    1.12{col 46}{space 3}0.264{col 54}{space 4}-.1063941{col 67}{space 3} .3877762
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .1241589{col 26}{space 2} .1219708{col 37}{space 1}    1.02{col 46}{space 3}0.309{col 54}{space 4}  -.11503{col 67}{space 3} .3633477
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7581837{col 26}{space 2} .0196309{col 37}{space 1}  -38.62{col 46}{space 3}0.000{col 54}{space 4}-.7966805{col 67}{space 3}-.7196869
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7928422{col 26}{space 2} .0221668{col 37}{space 1}  -35.77{col 46}{space 3}0.000{col 54}{space 4} -.836312{col 67}{space 3}-.7493724
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7296249{col 26}{space 2} .0262612{col 37}{space 1}  -27.78{col 46}{space 3}0.000{col 54}{space 4}-.7811239{col 67}{space 3}-.6781258
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8681299{col 26}{space 2} .0281681{col 37}{space 1}  -30.82{col 46}{space 3}0.000{col 54}{space 4}-.9233686{col 67}{space 3}-.8128913
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.9076098{col 26}{space 2} .0330919{col 37}{space 1}  -27.43{col 46}{space 3}0.000{col 54}{space 4} -.972504{col 67}{space 3}-.8427155
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.9062084{col 26}{space 2} .0384749{col 37}{space 1}  -23.55{col 46}{space 3}0.000{col 54}{space 4} -.981659{col 67}{space 3}-.8307578
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.103601{col 26}{space 2} .0439245{col 37}{space 1}  -25.12{col 46}{space 3}0.000{col 54}{space 4}-1.189738{col 67}{space 3}-1.017463
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.143652{col 26}{space 2}  .697568{col 37}{space 1}    7.37{col 46}{space 3}0.000{col 54}{space 4} 3.775697{col 67}{space 3} 6.511606
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (2219 categories)

{com}. estimates store nmjv
{txt}
{com}. xi: areg roa eceage ece logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.year if jv==1, absorb(firm_id) cluster(firm_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{txt}{col 56}F({res} 28{txt},{res}  2218{txt}) ={res}  432.03
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.5058
{txt}{col 56}Adj R-squared ={res}  0.3560
{txt}{col 56}Root MSE      = {res} .37098

{txt}{ralign 78:(Std. Err. adjusted for {res:2219} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0279598{col 26}{space 2} .0146944{col 37}{space 1}   -1.90{col 46}{space 3}0.057{col 54}{space 4} -.056776{col 67}{space 3} .0008565
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0308933{col 26}{space 2} .0253211{col 37}{space 1}   -1.22{col 46}{space 3}0.223{col 54}{space 4}-.0805489{col 67}{space 3} .0187623
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.7734218{col 26}{space 2} .1438896{col 37}{space 1}   -5.38{col 46}{space 3}0.000{col 54}{space 4}-1.055594{col 67}{space 3}-.4912493
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0805151{col 26}{space 2} .0096021{col 37}{space 1}   -8.39{col 46}{space 3}0.000{col 54}{space 4}-.0993452{col 67}{space 3}-.0616849
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .2798527{col 26}{space 2} .1726179{col 37}{space 1}    1.62{col 46}{space 3}0.105{col 54}{space 4}-.0586569{col 67}{space 3} .6183622
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0325325{col 26}{space 2} .1395668{col 37}{space 1}    0.23{col 46}{space 3}0.816{col 54}{space 4}-.2411628{col 67}{space 3} .3062278
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0396186{col 26}{space 2} .0069791{col 37}{space 1}    5.68{col 46}{space 3}0.000{col 54}{space 4} .0259323{col 67}{space 3} .0533048
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0057107{col 26}{space 2}  .000496{col 37}{space 1}   11.51{col 46}{space 3}0.000{col 54}{space 4} .0047381{col 67}{space 3} .0066833
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3548652{col 26}{space 2} .1277773{col 37}{space 1}    2.78{col 46}{space 3}0.006{col 54}{space 4} .1042896{col 67}{space 3} .6054409
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-1.44e-07{col 26}{space 2} 1.96e-07{col 37}{space 1}   -0.74{col 46}{space 3}0.462{col 54}{space 4}-5.27e-07{col 67}{space 3} 2.40e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-2.33e-07{col 26}{space 2} 3.17e-07{col 37}{space 1}   -0.73{col 46}{space 3}0.463{col 54}{space 4}-8.53e-07{col 67}{space 3} 3.88e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0070632{col 26}{space 2} .0154612{col 37}{space 1}   -0.46{col 46}{space 3}0.648{col 54}{space 4} -.037383{col 67}{space 3} .0232567
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1255526{col 26}{space 2} .1233439{col 37}{space 1}    1.02{col 46}{space 3}0.309{col 54}{space 4} -.116329{col 67}{space 3} .3674341
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1233381{col 26}{space 2} .1145341{col 37}{space 1}    1.08{col 46}{space 3}0.282{col 54}{space 4}-.1012672{col 67}{space 3} .3479435
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .1355424{col 26}{space 2} .1148224{col 37}{space 1}    1.18{col 46}{space 3}0.238{col 54}{space 4}-.0896282{col 67}{space 3}  .360713
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .1139618{col 26}{space 2} .1253815{col 37}{space 1}    0.91{col 46}{space 3}0.363{col 54}{space 4}-.1319155{col 67}{space 3} .3598391
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1168921{col 26}{space 2} .1148182{col 37}{space 1}    1.02{col 46}{space 3}0.309{col 54}{space 4}-.1082704{col 67}{space 3} .3420545
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0957247{col 26}{space 2} .1163864{col 37}{space 1}    0.82{col 46}{space 3}0.411{col 54}{space 4}-.1325129{col 67}{space 3} .3239623
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} -.119874{col 26}{space 2} .1719903{col 37}{space 1}   -0.70{col 46}{space 3}0.486{col 54}{space 4}-.4571529{col 67}{space 3} .2174049
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1119063{col 26}{space 2} .1162401{col 37}{space 1}    0.96{col 46}{space 3}0.336{col 54}{space 4}-.1160444{col 67}{space 3} .3398571
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}  .118668{col 26}{space 2}  .112147{col 37}{space 1}    1.06{col 46}{space 3}0.290{col 54}{space 4} -.101256{col 67}{space 3}  .338592
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7599042{col 26}{space 2} .0189156{col 37}{space 1}  -40.17{col 46}{space 3}0.000{col 54}{space 4}-.7969984{col 67}{space 3}  -.72281
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7616934{col 26}{space 2} .0220785{col 37}{space 1}  -34.50{col 46}{space 3}0.000{col 54}{space 4}-.8049901{col 67}{space 3}-.7183967
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7161028{col 26}{space 2} .0254292{col 37}{space 1}  -28.16{col 46}{space 3}0.000{col 54}{space 4}-.7659703{col 67}{space 3}-.6662353
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2} -.851209{col 26}{space 2} .0272039{col 37}{space 1}  -31.29{col 46}{space 3}0.000{col 54}{space 4}-.9045569{col 67}{space 3}-.7978612
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8940403{col 26}{space 2} .0321213{col 37}{space 1}  -27.83{col 46}{space 3}0.000{col 54}{space 4}-.9570313{col 67}{space 3}-.8310494
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.9062914{col 26}{space 2} .0375933{col 37}{space 1}  -24.11{col 46}{space 3}0.000{col 54}{space 4}-.9800133{col 67}{space 3}-.8325696
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.088658{col 26}{space 2} .0426567{col 37}{space 1}  -25.52{col 46}{space 3}0.000{col 54}{space 4} -1.17231{col 67}{space 3}-1.005007
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.787531{col 26}{space 2} .7418892{col 37}{space 1}    6.45{col 46}{space 3}0.000{col 54}{space 4} 3.332661{col 67}{space 3} 6.242401
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (2219 categories)

{com}. estimates store roajv
{txt}
{com}. xi: areg roe eceage ece logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.year if jv==1, absorb(firm_id) cluster(firm_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{txt}{col 56}F({res} 28{txt},{res}  2218{txt}) ={res}  245.00
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.4036
{txt}{col 56}Adj R-squared ={res}  0.2227
{txt}{col 56}Root MSE      = {res} .50798

{txt}{ralign 78:(Std. Err. adjusted for {res:2219} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} -.031997{col 26}{space 2} .0184943{col 37}{space 1}   -1.73{col 46}{space 3}0.084{col 54}{space 4}-.0682648{col 67}{space 3} .0042709
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0194796{col 26}{space 2} .0330366{col 37}{space 1}   -0.59{col 46}{space 3}0.555{col 54}{space 4}-.0842655{col 67}{space 3} .0453063
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.5788111{col 26}{space 2} .1689684{col 37}{space 1}   -3.43{col 46}{space 3}0.001{col 54}{space 4}-.9101638{col 67}{space 3}-.2474584
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0823434{col 26}{space 2} .0119884{col 37}{space 1}   -6.87{col 46}{space 3}0.000{col 54}{space 4}-.1058531{col 67}{space 3}-.0588337
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .1883002{col 26}{space 2} .2226933{col 37}{space 1}    0.85{col 46}{space 3}0.398{col 54}{space 4} -.248409{col 67}{space 3} .6250093
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.2486522{col 26}{space 2} .1748556{col 37}{space 1}   -1.42{col 46}{space 3}0.155{col 54}{space 4}  -.59155{col 67}{space 3} .0942456
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0332251{col 26}{space 2} .0081743{col 37}{space 1}    4.06{col 46}{space 3}0.000{col 54}{space 4} .0171949{col 67}{space 3} .0492552
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0062074{col 26}{space 2} .0006477{col 37}{space 1}    9.58{col 46}{space 3}0.000{col 54}{space 4} .0049372{col 67}{space 3} .0074777
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .9548046{col 26}{space 2} .1759128{col 37}{space 1}    5.43{col 46}{space 3}0.000{col 54}{space 4} .6098336{col 67}{space 3} 1.299776
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-3.56e-09{col 26}{space 2} 2.53e-07{col 37}{space 1}   -0.01{col 46}{space 3}0.989{col 54}{space 4}-4.99e-07{col 67}{space 3} 4.92e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-3.17e-07{col 26}{space 2} 4.24e-07{col 37}{space 1}   -0.75{col 46}{space 3}0.454{col 54}{space 4}-1.15e-06{col 67}{space 3} 5.14e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0103951{col 26}{space 2}   .01939{col 37}{space 1}   -0.54{col 46}{space 3}0.592{col 54}{space 4}-.0484195{col 67}{space 3} .0276292
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1468098{col 26}{space 2} .1529749{col 37}{space 1}    0.96{col 46}{space 3}0.337{col 54}{space 4}-.1531792{col 67}{space 3} .4467987
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1397271{col 26}{space 2} .1370529{col 37}{space 1}    1.02{col 46}{space 3}0.308{col 54}{space 4}-.1290384{col 67}{space 3} .4084926
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .1184753{col 26}{space 2} .1374924{col 37}{space 1}    0.86{col 46}{space 3}0.389{col 54}{space 4}-.1511521{col 67}{space 3} .3881027
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}  .097826{col 26}{space 2} .1540011{col 37}{space 1}    0.64{col 46}{space 3}0.525{col 54}{space 4}-.2041754{col 67}{space 3} .3998274
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1520871{col 26}{space 2}  .137557{col 37}{space 1}    1.11{col 46}{space 3}0.269{col 54}{space 4} -.117667{col 67}{space 3} .4218411
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .1241587{col 26}{space 2} .1391222{col 37}{space 1}    0.89{col 46}{space 3}0.372{col 54}{space 4}-.1486647{col 67}{space 3} .3969822
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.1600922{col 26}{space 2} .2184137{col 37}{space 1}   -0.73{col 46}{space 3}0.464{col 54}{space 4}-.5884088{col 67}{space 3} .2682245
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}  .114027{col 26}{space 2} .1397083{col 37}{space 1}    0.82{col 46}{space 3}0.414{col 54}{space 4}-.1599458{col 67}{space 3} .3879999
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .1248457{col 26}{space 2} .1333576{col 37}{space 1}    0.94{col 46}{space 3}0.349{col 54}{space 4}-.1366731{col 67}{space 3} .3863644
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.719406{col 26}{space 2} .0245589{col 37}{space 1}  -29.29{col 46}{space 3}0.000{col 54}{space 4}-.7675668{col 67}{space 3}-.6712451
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7591655{col 26}{space 2}  .028723{col 37}{space 1}  -26.43{col 46}{space 3}0.000{col 54}{space 4}-.8154922{col 67}{space 3}-.7028388
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6939746{col 26}{space 2} .0323133{col 37}{space 1}  -21.48{col 46}{space 3}0.000{col 54}{space 4}-.7573421{col 67}{space 3}-.6306072
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8188386{col 26}{space 2} .0346173{col 37}{space 1}  -23.65{col 46}{space 3}0.000{col 54}{space 4}-.8867243{col 67}{space 3}-.7509529
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8831197{col 26}{space 2} .0403096{col 37}{space 1}  -21.91{col 46}{space 3}0.000{col 54}{space 4}-.9621682{col 67}{space 3}-.8040712
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2} -.918956{col 26}{space 2} .0474314{col 37}{space 1}  -19.37{col 46}{space 3}0.000{col 54}{space 4}-1.011971{col 67}{space 3}-.8259414
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.103246{col 26}{space 2} .0535461{col 37}{space 1}  -20.60{col 46}{space 3}0.000{col 54}{space 4}-1.208252{col 67}{space 3}-.9982406
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.446786{col 26}{space 2} .8775995{col 37}{space 1}    3.93{col 46}{space 3}0.000{col 54}{space 4} 1.725783{col 67}{space 3} 5.167788
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (2219 categories)

{com}. estimates store roejv
{txt}
{com}. 
. xi: areg netmargin eceage ece logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.year if jv==0, absorb(firm_id) cluster(firm_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{txt}{col 56}F({res} 27{txt},{res}  3543{txt}) ={res}  531.85
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.4706
{txt}{col 56}Adj R-squared ={res}  0.3125
{txt}{col 56}Root MSE      = {res} .39474

{txt}{ralign 78:(Std. Err. adjusted for {res:3544} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} -.036435{col 26}{space 2} .0143122{col 37}{space 1}   -2.55{col 46}{space 3}0.011{col 54}{space 4} -.064496{col 67}{space 3} -.008374
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0190723{col 26}{space 2} .0249058{col 37}{space 1}    0.77{col 46}{space 3}0.444{col 54}{space 4}-.0297588{col 67}{space 3} .0679033
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.3625571{col 26}{space 2} .1318584{col 37}{space 1}   -2.75{col 46}{space 3}0.006{col 54}{space 4}-.6210831{col 67}{space 3} -.104031
{txt}{space 9}age {c |}{col 14}{res}{space 2} -.106774{col 26}{space 2} .0084223{col 37}{space 1}  -12.68{col 46}{space 3}0.000{col 54}{space 4}-.1232871{col 67}{space 3} -.090261
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2430114{col 26}{space 2} .1598244{col 37}{space 1}   -1.52{col 46}{space 3}0.128{col 54}{space 4}-.5563686{col 67}{space 3} .0703458
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .1605419{col 26}{space 2} .1033983{col 37}{space 1}    1.55{col 46}{space 3}0.121{col 54}{space 4}-.0421843{col 67}{space 3}  .363268
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0195845{col 26}{space 2} .0065037{col 37}{space 1}    3.01{col 46}{space 3}0.003{col 54}{space 4} .0068331{col 67}{space 3} .0323359
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0078539{col 26}{space 2} .0005206{col 37}{space 1}   15.09{col 46}{space 3}0.000{col 54}{space 4} .0068333{col 67}{space 3} .0088746
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .1840257{col 26}{space 2} .1022984{col 37}{space 1}    1.80{col 46}{space 3}0.072{col 54}{space 4} -.016544{col 67}{space 3} .3845954
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 1.98e-07{col 26}{space 2} 2.17e-07{col 37}{space 1}    0.91{col 46}{space 3}0.361{col 54}{space 4}-2.27e-07{col 67}{space 3} 6.23e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-3.97e-07{col 26}{space 2} 2.25e-07{col 37}{space 1}   -1.77{col 46}{space 3}0.077{col 54}{space 4}-8.38e-07{col 67}{space 3} 4.29e-08
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0165071{col 26}{space 2} .0149876{col 37}{space 1}    1.10{col 46}{space 3}0.271{col 54}{space 4}-.0128781{col 67}{space 3} .0458923
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.0615176{col 26}{space 2}  .124593{col 37}{space 1}   -0.49{col 46}{space 3}0.622{col 54}{space 4}-.3057987{col 67}{space 3} .1827636
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.0435442{col 26}{space 2} .0943233{col 37}{space 1}   -0.46{col 46}{space 3}0.644{col 54}{space 4}-.2284777{col 67}{space 3} .1413892
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0550621{col 26}{space 2} .0934104{col 37}{space 1}   -0.59{col 46}{space 3}0.556{col 54}{space 4}-.2382057{col 67}{space 3} .1280815
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.0759046{col 26}{space 2} .0968254{col 37}{space 1}   -0.78{col 46}{space 3}0.433{col 54}{space 4}-.2657437{col 67}{space 3} .1139345
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.0859235{col 26}{space 2} .0948086{col 37}{space 1}   -0.91{col 46}{space 3}0.365{col 54}{space 4}-.2718085{col 67}{space 3} .0999614
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.1190853{col 26}{space 2} .1475004{col 37}{space 1}   -0.81{col 46}{space 3}0.420{col 54}{space 4}-.4082795{col 67}{space 3} .1701088
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.0660252{col 26}{space 2} .0967084{col 37}{space 1}   -0.68{col 46}{space 3}0.495{col 54}{space 4}-.2556349{col 67}{space 3} .1235845
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} -.091501{col 26}{space 2} .0910615{col 37}{space 1}   -1.00{col 46}{space 3}0.315{col 54}{space 4}-.2700392{col 67}{space 3} .0870372
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7245864{col 26}{space 2} .0187952{col 37}{space 1}  -38.55{col 46}{space 3}0.000{col 54}{space 4}-.7614369{col 67}{space 3}-.6877358
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7848309{col 26}{space 2} .0240575{col 37}{space 1}  -32.62{col 46}{space 3}0.000{col 54}{space 4}-.8319988{col 67}{space 3} -.737663
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} -.740279{col 26}{space 2} .0315767{col 37}{space 1}  -23.44{col 46}{space 3}0.000{col 54}{space 4}-.8021893{col 67}{space 3}-.6783687
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8516573{col 26}{space 2} .0350275{col 37}{space 1}  -24.31{col 46}{space 3}0.000{col 54}{space 4}-.9203335{col 67}{space 3}-.7829811
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8961931{col 26}{space 2} .0419684{col 37}{space 1}  -21.35{col 46}{space 3}0.000{col 54}{space 4}-.9784777{col 67}{space 3}-.8139084
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.9133575{col 26}{space 2}  .051113{col 37}{space 1}  -17.87{col 46}{space 3}0.000{col 54}{space 4}-1.013571{col 67}{space 3}-.8131436
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.132843{col 26}{space 2} .0589481{col 37}{space 1}  -19.22{col 46}{space 3}0.000{col 54}{space 4}-1.248418{col 67}{space 3}-1.017267
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 2.979903{col 26}{space 2} .6694385{col 37}{space 1}    4.45{col 46}{space 3}0.000{col 54}{space 4} 1.667379{col 67}{space 3} 4.292427
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (3544 categories)

{com}. estimates store nm
{txt}
{com}. xi: areg roa eceage ece logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.year if jv==0, absorb(firm_id) cluster(firm_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{txt}{col 56}F({res} 27{txt},{res}  3543{txt}) ={res}  501.95
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.4702
{txt}{col 56}Adj R-squared ={res}  0.3121
{txt}{col 56}Root MSE      = {res} .39129

{txt}{ralign 78:(Std. Err. adjusted for {res:3544} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0324652{col 26}{space 2} .0140822{col 37}{space 1}   -2.31{col 46}{space 3}0.021{col 54}{space 4}-.0600753{col 67}{space 3}-.0048551
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0098854{col 26}{space 2} .0239866{col 37}{space 1}    0.41{col 46}{space 3}0.680{col 54}{space 4}-.0371436{col 67}{space 3} .0569143
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.2641351{col 26}{space 2} .1218389{col 37}{space 1}   -2.17{col 46}{space 3}0.030{col 54}{space 4}-.5030165{col 67}{space 3}-.0252537
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1061943{col 26}{space 2} .0084136{col 37}{space 1}  -12.62{col 46}{space 3}0.000{col 54}{space 4}-.1226902{col 67}{space 3}-.0896983
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.1487334{col 26}{space 2} .1441569{col 37}{space 1}   -1.03{col 46}{space 3}0.302{col 54}{space 4}-.4313722{col 67}{space 3} .1339055
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .2190175{col 26}{space 2} .1019796{col 37}{space 1}    2.15{col 46}{space 3}0.032{col 54}{space 4} .0190727{col 67}{space 3} .4189622
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0142809{col 26}{space 2} .0059754{col 37}{space 1}    2.39{col 46}{space 3}0.017{col 54}{space 4} .0025654{col 67}{space 3} .0259964
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0076155{col 26}{space 2} .0005111{col 37}{space 1}   14.90{col 46}{space 3}0.000{col 54}{space 4} .0066133{col 67}{space 3} .0086176
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .1495309{col 26}{space 2} .1013428{col 37}{space 1}    1.48{col 46}{space 3}0.140{col 54}{space 4}-.0491653{col 67}{space 3} .3482271
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 1.46e-07{col 26}{space 2} 1.82e-07{col 37}{space 1}    0.80{col 46}{space 3}0.424{col 54}{space 4}-2.12e-07{col 67}{space 3} 5.03e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-1.26e-07{col 26}{space 2} 2.26e-07{col 37}{space 1}   -0.56{col 46}{space 3}0.578{col 54}{space 4}-5.69e-07{col 67}{space 3} 3.17e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0057275{col 26}{space 2} .0138608{col 37}{space 1}    0.41{col 46}{space 3}0.679{col 54}{space 4}-.0214484{col 67}{space 3} .0329034
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.0263891{col 26}{space 2} .1144077{col 37}{space 1}   -0.23{col 46}{space 3}0.818{col 54}{space 4}-.2507007{col 67}{space 3} .1979226
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.0250774{col 26}{space 2} .0901029{col 37}{space 1}   -0.28{col 46}{space 3}0.781{col 54}{space 4}-.2017362{col 67}{space 3} .1515814
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0478218{col 26}{space 2} .0895043{col 37}{space 1}   -0.53{col 46}{space 3}0.593{col 54}{space 4}-.2233069{col 67}{space 3} .1276634
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.0378281{col 26}{space 2} .0927855{col 37}{space 1}   -0.41{col 46}{space 3}0.684{col 54}{space 4}-.2197466{col 67}{space 3} .1440903
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.0750831{col 26}{space 2} .0913203{col 37}{space 1}   -0.82{col 46}{space 3}0.411{col 54}{space 4}-.2541287{col 67}{space 3} .1039624
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.1058737{col 26}{space 2} .1414935{col 37}{space 1}   -0.75{col 46}{space 3}0.454{col 54}{space 4}-.3832907{col 67}{space 3} .1715432
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.0485973{col 26}{space 2}  .092223{col 37}{space 1}   -0.53{col 46}{space 3}0.598{col 54}{space 4}-.2294129{col 67}{space 3} .1322184
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} -.080406{col 26}{space 2} .0871057{col 37}{space 1}   -0.92{col 46}{space 3}0.356{col 54}{space 4}-.2511883{col 67}{space 3} .0903763
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.730932{col 26}{space 2} .0184887{col 37}{space 1}  -39.53{col 46}{space 3}0.000{col 54}{space 4}-.7671815{col 67}{space 3}-.6946825
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2} -.751781{col 26}{space 2} .0240646{col 37}{space 1}  -31.24{col 46}{space 3}0.000{col 54}{space 4} -.798963{col 67}{space 3}-.7045991
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7170261{col 26}{space 2} .0311081{col 37}{space 1}  -23.05{col 46}{space 3}0.000{col 54}{space 4}-.7780176{col 67}{space 3}-.6560345
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8266929{col 26}{space 2}  .034378{col 37}{space 1}  -24.05{col 46}{space 3}0.000{col 54}{space 4}-.8940955{col 67}{space 3}-.7592903
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8640203{col 26}{space 2} .0409975{col 37}{space 1}  -21.07{col 46}{space 3}0.000{col 54}{space 4}-.9444013{col 67}{space 3}-.7836393
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2} -.884424{col 26}{space 2} .0501549{col 37}{space 1}  -17.63{col 46}{space 3}0.000{col 54}{space 4}-.9827593{col 67}{space 3}-.7860887
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.091251{col 26}{space 2} .0578304{col 37}{space 1}  -18.87{col 46}{space 3}0.000{col 54}{space 4}-1.204635{col 67}{space 3}-.9778669
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 2.498033{col 26}{space 2}  .622557{col 37}{space 1}    4.01{col 46}{space 3}0.000{col 54}{space 4} 1.277426{col 67}{space 3} 3.718639
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (3544 categories)

{com}. estimates store roa
{txt}
{com}. xi: areg roe eceage ece logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.year if jv==0, absorb(firm_id) cluster(firm_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{txt}{col 56}F({res} 27{txt},{res}  3543{txt}) ={res}  329.73
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.3870
{txt}{col 56}Adj R-squared ={res}  0.2039
{txt}{col 56}Root MSE      = {res} .51389

{txt}{ralign 78:(Std. Err. adjusted for {res:3544} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0234819{col 26}{space 2} .0170639{col 37}{space 1}   -1.38{col 46}{space 3}0.169{col 54}{space 4}-.0569381{col 67}{space 3} .0099742
{txt}{space 9}ece {c |}{col 14}{res}{space 2}  .019833{col 26}{space 2} .0316368{col 37}{space 1}    0.63{col 46}{space 3}0.531{col 54}{space 4}-.0421952{col 67}{space 3} .0818612
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.1569553{col 26}{space 2} .1336275{col 37}{space 1}   -1.17{col 46}{space 3}0.240{col 54}{space 4}-.4189499{col 67}{space 3} .1050394
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1157892{col 26}{space 2}  .010183{col 37}{space 1}  -11.37{col 46}{space 3}0.000{col 54}{space 4}-.1357544{col 67}{space 3} -.095824
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2025358{col 26}{space 2} .1760307{col 37}{space 1}   -1.15{col 46}{space 3}0.250{col 54}{space 4}-.5476675{col 67}{space 3} .1425959
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0396709{col 26}{space 2} .1243614{col 37}{space 1}    0.32{col 46}{space 3}0.750{col 54}{space 4}-.2041562{col 67}{space 3}  .283498
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0102182{col 26}{space 2} .0065748{col 37}{space 1}    1.55{col 46}{space 3}0.120{col 54}{space 4}-.0026725{col 67}{space 3} .0231089
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0078755{col 26}{space 2} .0005705{col 37}{space 1}   13.81{col 46}{space 3}0.000{col 54}{space 4}  .006757{col 67}{space 3}  .008994
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .5819079{col 26}{space 2} .1335281{col 37}{space 1}    4.36{col 46}{space 3}0.000{col 54}{space 4} .3201083{col 67}{space 3} .8437076
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 1.78e-07{col 26}{space 2} 2.23e-07{col 37}{space 1}    0.80{col 46}{space 3}0.426{col 54}{space 4}-2.60e-07{col 67}{space 3} 6.15e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-2.01e-08{col 26}{space 2} 2.89e-07{col 37}{space 1}   -0.07{col 46}{space 3}0.945{col 54}{space 4}-5.86e-07{col 67}{space 3} 5.46e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0012082{col 26}{space 2} .0160381{col 37}{space 1}    0.08{col 46}{space 3}0.940{col 54}{space 4}-.0302366{col 67}{space 3}  .032653
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.0170729{col 26}{space 2} .1502714{col 37}{space 1}   -0.11{col 46}{space 3}0.910{col 54}{space 4}   -.3117{col 67}{space 3} .2775542
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.0201085{col 26}{space 2} .1137386{col 37}{space 1}   -0.18{col 46}{space 3}0.860{col 54}{space 4}-.2431083{col 67}{space 3} .2028913
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0460725{col 26}{space 2}  .113083{col 37}{space 1}   -0.41{col 46}{space 3}0.684{col 54}{space 4}-.2677867{col 67}{space 3} .1756418
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.0170788{col 26}{space 2} .1161916{col 37}{space 1}   -0.15{col 46}{space 3}0.883{col 54}{space 4} -.244888{col 67}{space 3} .2107304
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.0521164{col 26}{space 2} .1156033{col 37}{space 1}   -0.45{col 46}{space 3}0.652{col 54}{space 4}-.2787722{col 67}{space 3} .1745394
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.0950724{col 26}{space 2} .1612619{col 37}{space 1}   -0.59{col 46}{space 3}0.556{col 54}{space 4} -.411248{col 67}{space 3} .2211031
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.0551655{col 26}{space 2} .1161353{col 37}{space 1}   -0.48{col 46}{space 3}0.635{col 54}{space 4}-.2828643{col 67}{space 3} .1725332
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     firm_id {c |}   absorbed                                    (3544 categories)

{com}. estimates store roe
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{com}. 
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{space 12} {c |}{res} {ralign 9:7.3737}{txt} {space 1}{res} {ralign 9:6.4532}{txt} {space 1}{res} {ralign 9:3.9275}{txt} {space 1}{res} {ralign 9:4.4513}{txt} {space 1}{res} {ralign 9:4.0125}{txt} {space 1}{res} {ralign 9:2.6486}{txt} {space 1}
{hline 12}{c -}{c +}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}
{ralign 12:N} {c |}{res} {ralign 9:9652}{txt} {space 1}{res} {ralign 9:9652}{txt} {space 1}{res} {ralign 9:9652}{txt} {space 1}{res} {ralign 9:15527}{txt} {space 1}{res} {ralign 9:15527}{txt} {space 1}{res} {ralign 9:15527}{txt} {space 1}
{ralign 12:r2_a} {c |}{res} {ralign 9:.3521}{txt} {space 1}{res} {ralign 9:.356}{txt} {space 1}{res} {ralign 9:.2227}{txt} {space 1}{res} {ralign 9:.3125}{txt} {space 1}{res} {ralign 9:.3121}{txt} {space 1}{res} {ralign 9:.2039}{txt} {space 1}
{hline 12}{c -}{c BT}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}
{ralign 86:legend: b/t}

{com}. 
{txt}end of do-file

{com}. do "/tmp/yqi306/SD09543.000000"
{txt}
{com}. set mem 2g
{err}no; data in memory would be lost
{txt}{search r(4):r(4);}

end of do-file

{search r(4):r(4);}

{com}. do "/tmp/yqi306/SD09543.000000"
{txt}
{com}. set more off
{txt}
{com}. 
. drop if countrycode!=103&countrycode!=140
{txt}(0 observations deleted)

{com}. 
{txt}end of do-file

{com}. {smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}/sscc/home/y/yqi306/FDI/twkorea.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}19 Jul 2010, 20:47:43
{txt}
{com}. use ecetest7.18.10.dta, clear
{txt}
{com}. 
. set more off
{txt}
{com}. 
. drop if countrycode!=103&countrycode!=140
{txt}(1117244 observations deleted)

{com}. 
{txt}end of do-file

{com}. do "/tmp/yqi306/SD16011.000000"
{txt}
{com}. * Table 5: Check robustness after adding more controls.
. 
. xi: areg netmargin eceage ece logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.year if jv==1, absorb(firm_id) cluster(firm_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{txt}{col 56}F({res} 28{txt},{res}  2218{txt}) ={res}  455.94
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.5029
{txt}{col 56}Adj R-squared ={res}  0.3521
{txt}{col 56}Root MSE      = {res} .37865

{txt}{ralign 78:(Std. Err. adjusted for {res:2219} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0433702{col 26}{space 2} .0228081{col 37}{space 1}   -1.90{col 46}{space 3}0.057{col 54}{space 4}-.0880976{col 67}{space 3} .0013573
{txt}{space 9}ece {c |}{col 14}{res}{space 2} -.013053{col 26}{space 2} .0251686{col 37}{space 1}   -0.52{col 46}{space 3}0.604{col 54}{space 4}-.0624094{col 67}{space 3} .0363035
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.8651116{col 26}{space 2} .1359361{col 37}{space 1}   -6.36{col 46}{space 3}0.000{col 54}{space 4}-1.131687{col 67}{space 3}-.5985363
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0851119{col 26}{space 2} .0100218{col 37}{space 1}   -8.49{col 46}{space 3}0.000{col 54}{space 4} -.104765{col 67}{space 3}-.0654588
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .3928454{col 26}{space 2} .1865063{col 37}{space 1}    2.11{col 46}{space 3}0.035{col 54}{space 4} .0271002{col 67}{space 3} .7585906
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0264069{col 26}{space 2} .1386771{col 37}{space 1}    0.19{col 46}{space 3}0.849{col 54}{space 4}-.2455435{col 67}{space 3} .2983573
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0450438{col 26}{space 2} .0066489{col 37}{space 1}    6.77{col 46}{space 3}0.000{col 54}{space 4}  .032005{col 67}{space 3} .0580826
{txt}{space 7}agesq {c |}{col 14}{res}{space 2}  .005822{col 26}{space 2} .0005049{col 37}{space 1}   11.53{col 46}{space 3}0.000{col 54}{space 4} .0048319{col 67}{space 3} .0068122
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3350435{col 26}{space 2} .1284486{col 37}{space 1}    2.61{col 46}{space 3}0.009{col 54}{space 4} .0831515{col 67}{space 3} .5869356
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-3.18e-07{col 26}{space 2} 2.25e-07{col 37}{space 1}   -1.41{col 46}{space 3}0.158{col 54}{space 4}-7.60e-07{col 67}{space 3} 1.24e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-4.97e-07{col 26}{space 2} 3.27e-07{col 37}{space 1}   -1.52{col 46}{space 3}0.128{col 54}{space 4}-1.14e-06{col 67}{space 3} 1.44e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0052483{col 26}{space 2} .0157313{col 37}{space 1}    0.33{col 46}{space 3}0.739{col 54}{space 4}-.0256012{col 67}{space 3} .0360978
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}  .165981{col 26}{space 2} .1340685{col 37}{space 1}    1.24{col 46}{space 3}0.216{col 54}{space 4}-.0969319{col 67}{space 3} .4288939
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1293074{col 26}{space 2} .1243477{col 37}{space 1}    1.04{col 46}{space 3}0.299{col 54}{space 4}-.1145427{col 67}{space 3} .3731575
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .1409773{col 26}{space 2} .1244842{col 37}{space 1}    1.13{col 46}{space 3}0.258{col 54}{space 4}-.1031404{col 67}{space 3}  .385095
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .1377481{col 26}{space 2}  .135062{col 37}{space 1}    1.02{col 46}{space 3}0.308{col 54}{space 4} -.127113{col 67}{space 3} .4026093
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1403858{col 26}{space 2} .1244372{col 37}{space 1}    1.13{col 46}{space 3}0.259{col 54}{space 4}-.1036398{col 67}{space 3} .3844113
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .1278789{col 26}{space 2} .1257994{col 37}{space 1}    1.02{col 46}{space 3}0.309{col 54}{space 4} -.118818{col 67}{space 3} .3745758
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.0861023{col 26}{space 2} .1732354{col 37}{space 1}   -0.50{col 46}{space 3}0.619{col 54}{space 4}-.4258228{col 67}{space 3} .2536181
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1406911{col 26}{space 2} .1259974{col 37}{space 1}    1.12{col 46}{space 3}0.264{col 54}{space 4}-.1063941{col 67}{space 3} .3877762
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .1241589{col 26}{space 2} .1219708{col 37}{space 1}    1.02{col 46}{space 3}0.309{col 54}{space 4}  -.11503{col 67}{space 3} .3633477
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7581837{col 26}{space 2} .0196309{col 37}{space 1}  -38.62{col 46}{space 3}0.000{col 54}{space 4}-.7966805{col 67}{space 3}-.7196869
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7928422{col 26}{space 2} .0221668{col 37}{space 1}  -35.77{col 46}{space 3}0.000{col 54}{space 4} -.836312{col 67}{space 3}-.7493724
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7296249{col 26}{space 2} .0262612{col 37}{space 1}  -27.78{col 46}{space 3}0.000{col 54}{space 4}-.7811239{col 67}{space 3}-.6781258
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8681299{col 26}{space 2} .0281681{col 37}{space 1}  -30.82{col 46}{space 3}0.000{col 54}{space 4}-.9233686{col 67}{space 3}-.8128913
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.9076098{col 26}{space 2} .0330919{col 37}{space 1}  -27.43{col 46}{space 3}0.000{col 54}{space 4} -.972504{col 67}{space 3}-.8427155
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.9062084{col 26}{space 2} .0384749{col 37}{space 1}  -23.55{col 46}{space 3}0.000{col 54}{space 4} -.981659{col 67}{space 3}-.8307578
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.103601{col 26}{space 2} .0439245{col 37}{space 1}  -25.12{col 46}{space 3}0.000{col 54}{space 4}-1.189738{col 67}{space 3}-1.017463
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.143652{col 26}{space 2}  .697568{col 37}{space 1}    7.37{col 46}{space 3}0.000{col 54}{space 4} 3.775697{col 67}{space 3} 6.511606
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (2219 categories)

{com}. estimates store nmjv
{txt}
{com}. xi: areg roa eceage ece logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.year if jv==1, absorb(firm_id) cluster(firm_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{txt}{col 56}F({res} 28{txt},{res}  2218{txt}) ={res}  432.03
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.5058
{txt}{col 56}Adj R-squared ={res}  0.3560
{txt}{col 56}Root MSE      = {res} .37098

{txt}{ralign 78:(Std. Err. adjusted for {res:2219} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0429563{col 26}{space 2} .0225759{col 37}{space 1}   -1.90{col 46}{space 3}0.057{col 54}{space 4}-.0872284{col 67}{space 3} .0013159
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0339321{col 26}{space 2} .0249727{col 37}{space 1}   -1.36{col 46}{space 3}0.174{col 54}{space 4}-.0829045{col 67}{space 3} .0150402
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.7734218{col 26}{space 2} .1438896{col 37}{space 1}   -5.38{col 46}{space 3}0.000{col 54}{space 4}-1.055594{col 67}{space 3}-.4912493
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0805151{col 26}{space 2} .0096021{col 37}{space 1}   -8.39{col 46}{space 3}0.000{col 54}{space 4}-.0993452{col 67}{space 3}-.0616849
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .2798527{col 26}{space 2} .1726179{col 37}{space 1}    1.62{col 46}{space 3}0.105{col 54}{space 4}-.0586569{col 67}{space 3} .6183622
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0325325{col 26}{space 2} .1395668{col 37}{space 1}    0.23{col 46}{space 3}0.816{col 54}{space 4}-.2411628{col 67}{space 3} .3062278
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0396186{col 26}{space 2} .0069791{col 37}{space 1}    5.68{col 46}{space 3}0.000{col 54}{space 4} .0259323{col 67}{space 3} .0533048
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0057107{col 26}{space 2}  .000496{col 37}{space 1}   11.51{col 46}{space 3}0.000{col 54}{space 4} .0047381{col 67}{space 3} .0066833
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3548652{col 26}{space 2} .1277773{col 37}{space 1}    2.78{col 46}{space 3}0.006{col 54}{space 4} .1042896{col 67}{space 3} .6054409
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-1.44e-07{col 26}{space 2} 1.96e-07{col 37}{space 1}   -0.74{col 46}{space 3}0.462{col 54}{space 4}-5.27e-07{col 67}{space 3} 2.40e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-2.33e-07{col 26}{space 2} 3.17e-07{col 37}{space 1}   -0.73{col 46}{space 3}0.463{col 54}{space 4}-8.53e-07{col 67}{space 3} 3.88e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0070632{col 26}{space 2} .0154612{col 37}{space 1}   -0.46{col 46}{space 3}0.648{col 54}{space 4} -.037383{col 67}{space 3} .0232567
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1255526{col 26}{space 2} .1233439{col 37}{space 1}    1.02{col 46}{space 3}0.309{col 54}{space 4} -.116329{col 67}{space 3} .3674341
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1233381{col 26}{space 2} .1145341{col 37}{space 1}    1.08{col 46}{space 3}0.282{col 54}{space 4}-.1012672{col 67}{space 3} .3479435
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .1355424{col 26}{space 2} .1148224{col 37}{space 1}    1.18{col 46}{space 3}0.238{col 54}{space 4}-.0896282{col 67}{space 3}  .360713
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .1139618{col 26}{space 2} .1253815{col 37}{space 1}    0.91{col 46}{space 3}0.363{col 54}{space 4}-.1319155{col 67}{space 3} .3598391
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1168921{col 26}{space 2} .1148182{col 37}{space 1}    1.02{col 46}{space 3}0.309{col 54}{space 4}-.1082704{col 67}{space 3} .3420545
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0957247{col 26}{space 2} .1163864{col 37}{space 1}    0.82{col 46}{space 3}0.411{col 54}{space 4}-.1325129{col 67}{space 3} .3239623
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} -.119874{col 26}{space 2} .1719903{col 37}{space 1}   -0.70{col 46}{space 3}0.486{col 54}{space 4}-.4571529{col 67}{space 3} .2174049
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1119063{col 26}{space 2} .1162401{col 37}{space 1}    0.96{col 46}{space 3}0.336{col 54}{space 4}-.1160444{col 67}{space 3} .3398571
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}  .118668{col 26}{space 2}  .112147{col 37}{space 1}    1.06{col 46}{space 3}0.290{col 54}{space 4} -.101256{col 67}{space 3}  .338592
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7599042{col 26}{space 2} .0189156{col 37}{space 1}  -40.17{col 46}{space 3}0.000{col 54}{space 4}-.7969984{col 67}{space 3}  -.72281
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7616934{col 26}{space 2} .0220785{col 37}{space 1}  -34.50{col 46}{space 3}0.000{col 54}{space 4}-.8049901{col 67}{space 3}-.7183967
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7161028{col 26}{space 2} .0254292{col 37}{space 1}  -28.16{col 46}{space 3}0.000{col 54}{space 4}-.7659703{col 67}{space 3}-.6662353
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2} -.851209{col 26}{space 2} .0272039{col 37}{space 1}  -31.29{col 46}{space 3}0.000{col 54}{space 4}-.9045569{col 67}{space 3}-.7978612
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8940403{col 26}{space 2} .0321213{col 37}{space 1}  -27.83{col 46}{space 3}0.000{col 54}{space 4}-.9570313{col 67}{space 3}-.8310494
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.9062914{col 26}{space 2} .0375933{col 37}{space 1}  -24.11{col 46}{space 3}0.000{col 54}{space 4}-.9800133{col 67}{space 3}-.8325696
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.088658{col 26}{space 2} .0426567{col 37}{space 1}  -25.52{col 46}{space 3}0.000{col 54}{space 4} -1.17231{col 67}{space 3}-1.005007
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.787531{col 26}{space 2} .7418892{col 37}{space 1}    6.45{col 46}{space 3}0.000{col 54}{space 4} 3.332661{col 67}{space 3} 6.242401
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (2219 categories)

{com}. estimates store roajv
{txt}
{com}. xi: areg roe eceage ece logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.year if jv==1, absorb(firm_id) cluster(firm_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{txt}{col 56}F({res} 28{txt},{res}  2218{txt}) ={res}  245.00
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.4036
{txt}{col 56}Adj R-squared ={res}  0.2227
{txt}{col 56}Root MSE      = {res} .50798

{txt}{ralign 78:(Std. Err. adjusted for {res:2219} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0491589{col 26}{space 2} .0284138{col 37}{space 1}   -1.73{col 46}{space 3}0.084{col 54}{space 4}-.1048794{col 67}{space 3} .0065616
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0229573{col 26}{space 2} .0326973{col 37}{space 1}   -0.70{col 46}{space 3}0.483{col 54}{space 4}-.0870778{col 67}{space 3} .0411633
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.5788111{col 26}{space 2} .1689684{col 37}{space 1}   -3.43{col 46}{space 3}0.001{col 54}{space 4}-.9101638{col 67}{space 3}-.2474584
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0823434{col 26}{space 2} .0119884{col 37}{space 1}   -6.87{col 46}{space 3}0.000{col 54}{space 4}-.1058531{col 67}{space 3}-.0588337
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .1883002{col 26}{space 2} .2226933{col 37}{space 1}    0.85{col 46}{space 3}0.398{col 54}{space 4} -.248409{col 67}{space 3} .6250093
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.2486522{col 26}{space 2} .1748556{col 37}{space 1}   -1.42{col 46}{space 3}0.155{col 54}{space 4}  -.59155{col 67}{space 3} .0942456
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0332251{col 26}{space 2} .0081743{col 37}{space 1}    4.06{col 46}{space 3}0.000{col 54}{space 4} .0171949{col 67}{space 3} .0492552
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0062074{col 26}{space 2} .0006477{col 37}{space 1}    9.58{col 46}{space 3}0.000{col 54}{space 4} .0049372{col 67}{space 3} .0074777
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .9548046{col 26}{space 2} .1759128{col 37}{space 1}    5.43{col 46}{space 3}0.000{col 54}{space 4} .6098336{col 67}{space 3} 1.299776
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-3.56e-09{col 26}{space 2} 2.53e-07{col 37}{space 1}   -0.01{col 46}{space 3}0.989{col 54}{space 4}-4.99e-07{col 67}{space 3} 4.92e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-3.17e-07{col 26}{space 2} 4.24e-07{col 37}{space 1}   -0.75{col 46}{space 3}0.454{col 54}{space 4}-1.15e-06{col 67}{space 3} 5.14e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0103951{col 26}{space 2}   .01939{col 37}{space 1}   -0.54{col 46}{space 3}0.592{col 54}{space 4}-.0484195{col 67}{space 3} .0276292
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1468098{col 26}{space 2} .1529749{col 37}{space 1}    0.96{col 46}{space 3}0.337{col 54}{space 4}-.1531792{col 67}{space 3} .4467987
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1397271{col 26}{space 2} .1370529{col 37}{space 1}    1.02{col 46}{space 3}0.308{col 54}{space 4}-.1290384{col 67}{space 3} .4084926
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .1184753{col 26}{space 2} .1374924{col 37}{space 1}    0.86{col 46}{space 3}0.389{col 54}{space 4}-.1511521{col 67}{space 3} .3881027
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}  .097826{col 26}{space 2} .1540011{col 37}{space 1}    0.64{col 46}{space 3}0.525{col 54}{space 4}-.2041754{col 67}{space 3} .3998274
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1520871{col 26}{space 2}  .137557{col 37}{space 1}    1.11{col 46}{space 3}0.269{col 54}{space 4} -.117667{col 67}{space 3} .4218411
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .1241587{col 26}{space 2} .1391222{col 37}{space 1}    0.89{col 46}{space 3}0.372{col 54}{space 4}-.1486647{col 67}{space 3} .3969822
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.1600922{col 26}{space 2} .2184137{col 37}{space 1}   -0.73{col 46}{space 3}0.464{col 54}{space 4}-.5884088{col 67}{space 3} .2682245
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}  .114027{col 26}{space 2} .1397083{col 37}{space 1}    0.82{col 46}{space 3}0.414{col 54}{space 4}-.1599458{col 67}{space 3} .3879999
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .1248457{col 26}{space 2} .1333576{col 37}{space 1}    0.94{col 46}{space 3}0.349{col 54}{space 4}-.1366731{col 67}{space 3} .3863644
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.719406{col 26}{space 2} .0245589{col 37}{space 1}  -29.29{col 46}{space 3}0.000{col 54}{space 4}-.7675668{col 67}{space 3}-.6712451
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7591655{col 26}{space 2}  .028723{col 37}{space 1}  -26.43{col 46}{space 3}0.000{col 54}{space 4}-.8154922{col 67}{space 3}-.7028388
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6939746{col 26}{space 2} .0323133{col 37}{space 1}  -21.48{col 46}{space 3}0.000{col 54}{space 4}-.7573421{col 67}{space 3}-.6306072
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8188386{col 26}{space 2} .0346173{col 37}{space 1}  -23.65{col 46}{space 3}0.000{col 54}{space 4}-.8867243{col 67}{space 3}-.7509529
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8831197{col 26}{space 2} .0403096{col 37}{space 1}  -21.91{col 46}{space 3}0.000{col 54}{space 4}-.9621682{col 67}{space 3}-.8040712
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2} -.918956{col 26}{space 2} .0474314{col 37}{space 1}  -19.37{col 46}{space 3}0.000{col 54}{space 4}-1.011971{col 67}{space 3}-.8259414
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.103246{col 26}{space 2} .0535461{col 37}{space 1}  -20.60{col 46}{space 3}0.000{col 54}{space 4}-1.208252{col 67}{space 3}-.9982406
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.446786{col 26}{space 2} .8775995{col 37}{space 1}    3.93{col 46}{space 3}0.000{col 54}{space 4} 1.725783{col 67}{space 3} 5.167788
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (2219 categories)

{com}. estimates store roejv
{txt}
{com}. 
. xi: areg netmargin eceage ece logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.year if jv==0, absorb(firm_id) cluster(firm_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{txt}{col 56}F({res} 27{txt},{res}  3543{txt}) ={res}  531.85
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.4706
{txt}{col 56}Adj R-squared ={res}  0.3125
{txt}{col 56}Root MSE      = {res} .39474

{txt}{ralign 78:(Std. Err. adjusted for {res:3544} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0559773{col 26}{space 2} .0219887{col 37}{space 1}   -2.55{col 46}{space 3}0.011{col 54}{space 4}-.0990891{col 67}{space 3}-.0128656
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0151123{col 26}{space 2} .0246839{col 37}{space 1}    0.61{col 46}{space 3}0.540{col 54}{space 4}-.0332838{col 67}{space 3} .0635084
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.3625571{col 26}{space 2} .1318584{col 37}{space 1}   -2.75{col 46}{space 3}0.006{col 54}{space 4}-.6210831{col 67}{space 3} -.104031
{txt}{space 9}age {c |}{col 14}{res}{space 2} -.106774{col 26}{space 2} .0084223{col 37}{space 1}  -12.68{col 46}{space 3}0.000{col 54}{space 4}-.1232871{col 67}{space 3} -.090261
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2430114{col 26}{space 2} .1598244{col 37}{space 1}   -1.52{col 46}{space 3}0.128{col 54}{space 4}-.5563686{col 67}{space 3} .0703458
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .1605419{col 26}{space 2} .1033983{col 37}{space 1}    1.55{col 46}{space 3}0.121{col 54}{space 4}-.0421843{col 67}{space 3}  .363268
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0195845{col 26}{space 2} .0065037{col 37}{space 1}    3.01{col 46}{space 3}0.003{col 54}{space 4} .0068331{col 67}{space 3} .0323359
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0078539{col 26}{space 2} .0005206{col 37}{space 1}   15.09{col 46}{space 3}0.000{col 54}{space 4} .0068333{col 67}{space 3} .0088746
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .1840257{col 26}{space 2} .1022984{col 37}{space 1}    1.80{col 46}{space 3}0.072{col 54}{space 4} -.016544{col 67}{space 3} .3845954
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 1.98e-07{col 26}{space 2} 2.17e-07{col 37}{space 1}    0.91{col 46}{space 3}0.361{col 54}{space 4}-2.27e-07{col 67}{space 3} 6.23e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-3.97e-07{col 26}{space 2} 2.25e-07{col 37}{space 1}   -1.77{col 46}{space 3}0.077{col 54}{space 4}-8.38e-07{col 67}{space 3} 4.29e-08
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0165071{col 26}{space 2} .0149876{col 37}{space 1}    1.10{col 46}{space 3}0.271{col 54}{space 4}-.0128781{col 67}{space 3} .0458923
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.0615176{col 26}{space 2}  .124593{col 37}{space 1}   -0.49{col 46}{space 3}0.622{col 54}{space 4}-.3057987{col 67}{space 3} .1827636
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.0435442{col 26}{space 2} .0943233{col 37}{space 1}   -0.46{col 46}{space 3}0.644{col 54}{space 4}-.2284777{col 67}{space 3} .1413892
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0550621{col 26}{space 2} .0934104{col 37}{space 1}   -0.59{col 46}{space 3}0.556{col 54}{space 4}-.2382057{col 67}{space 3} .1280815
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.0759046{col 26}{space 2} .0968254{col 37}{space 1}   -0.78{col 46}{space 3}0.433{col 54}{space 4}-.2657437{col 67}{space 3} .1139345
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.0859235{col 26}{space 2} .0948086{col 37}{space 1}   -0.91{col 46}{space 3}0.365{col 54}{space 4}-.2718085{col 67}{space 3} .0999614
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.1190853{col 26}{space 2} .1475004{col 37}{space 1}   -0.81{col 46}{space 3}0.420{col 54}{space 4}-.4082795{col 67}{space 3} .1701088
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.0660252{col 26}{space 2} .0967084{col 37}{space 1}   -0.68{col 46}{space 3}0.495{col 54}{space 4}-.2556349{col 67}{space 3} .1235845
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} -.091501{col 26}{space 2} .0910615{col 37}{space 1}   -1.00{col 46}{space 3}0.315{col 54}{space 4}-.2700392{col 67}{space 3} .0870372
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7245864{col 26}{space 2} .0187952{col 37}{space 1}  -38.55{col 46}{space 3}0.000{col 54}{space 4}-.7614369{col 67}{space 3}-.6877358
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7848309{col 26}{space 2} .0240575{col 37}{space 1}  -32.62{col 46}{space 3}0.000{col 54}{space 4}-.8319988{col 67}{space 3} -.737663
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} -.740279{col 26}{space 2} .0315767{col 37}{space 1}  -23.44{col 46}{space 3}0.000{col 54}{space 4}-.8021893{col 67}{space 3}-.6783687
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8516573{col 26}{space 2} .0350276{col 37}{space 1}  -24.31{col 46}{space 3}0.000{col 54}{space 4}-.9203335{col 67}{space 3}-.7829811
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8961931{col 26}{space 2} .0419684{col 37}{space 1}  -21.35{col 46}{space 3}0.000{col 54}{space 4}-.9784777{col 67}{space 3}-.8139084
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.9133575{col 26}{space 2}  .051113{col 37}{space 1}  -17.87{col 46}{space 3}0.000{col 54}{space 4}-1.013571{col 67}{space 3}-.8131436
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.132843{col 26}{space 2} .0589481{col 37}{space 1}  -19.22{col 46}{space 3}0.000{col 54}{space 4}-1.248418{col 67}{space 3}-1.017267
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 2.979903{col 26}{space 2} .6694385{col 37}{space 1}    4.45{col 46}{space 3}0.000{col 54}{space 4} 1.667379{col 67}{space 3} 4.292427
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (3544 categories)

{com}. estimates store nm
{txt}
{com}. xi: areg roa eceage ece logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.year if jv==0, absorb(firm_id) cluster(firm_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{txt}{col 56}F({res} 27{txt},{res}  3543{txt}) ={res}  501.95
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.4702
{txt}{col 56}Adj R-squared ={res}  0.3121
{txt}{col 56}Root MSE      = {res} .39129

{txt}{ralign 78:(Std. Err. adjusted for {res:3544} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0498782{col 26}{space 2} .0216354{col 37}{space 1}   -2.31{col 46}{space 3}0.021{col 54}{space 4}-.0922972{col 67}{space 3}-.0074591
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0063568{col 26}{space 2} .0237785{col 37}{space 1}    0.27{col 46}{space 3}0.789{col 54}{space 4} -.040264{col 67}{space 3} .0529777
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.2641351{col 26}{space 2} .1218389{col 37}{space 1}   -2.17{col 46}{space 3}0.030{col 54}{space 4}-.5030165{col 67}{space 3}-.0252537
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1061943{col 26}{space 2} .0084136{col 37}{space 1}  -12.62{col 46}{space 3}0.000{col 54}{space 4}-.1226902{col 67}{space 3}-.0896983
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.1487334{col 26}{space 2} .1441569{col 37}{space 1}   -1.03{col 46}{space 3}0.302{col 54}{space 4}-.4313722{col 67}{space 3} .1339055
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .2190175{col 26}{space 2} .1019796{col 37}{space 1}    2.15{col 46}{space 3}0.032{col 54}{space 4} .0190727{col 67}{space 3} .4189622
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0142809{col 26}{space 2} .0059754{col 37}{space 1}    2.39{col 46}{space 3}0.017{col 54}{space 4} .0025654{col 67}{space 3} .0259964
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0076155{col 26}{space 2} .0005111{col 37}{space 1}   14.90{col 46}{space 3}0.000{col 54}{space 4} .0066133{col 67}{space 3} .0086176
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .1495309{col 26}{space 2} .1013428{col 37}{space 1}    1.48{col 46}{space 3}0.140{col 54}{space 4}-.0491653{col 67}{space 3} .3482271
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 1.46e-07{col 26}{space 2} 1.82e-07{col 37}{space 1}    0.80{col 46}{space 3}0.424{col 54}{space 4}-2.12e-07{col 67}{space 3} 5.03e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-1.26e-07{col 26}{space 2} 2.26e-07{col 37}{space 1}   -0.56{col 46}{space 3}0.578{col 54}{space 4}-5.69e-07{col 67}{space 3} 3.17e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0057275{col 26}{space 2} .0138608{col 37}{space 1}    0.41{col 46}{space 3}0.679{col 54}{space 4}-.0214484{col 67}{space 3} .0329034
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.0263891{col 26}{space 2} .1144077{col 37}{space 1}   -0.23{col 46}{space 3}0.818{col 54}{space 4}-.2507007{col 67}{space 3} .1979226
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.0250774{col 26}{space 2} .0901029{col 37}{space 1}   -0.28{col 46}{space 3}0.781{col 54}{space 4}-.2017362{col 67}{space 3} .1515814
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0478218{col 26}{space 2} .0895043{col 37}{space 1}   -0.53{col 46}{space 3}0.593{col 54}{space 4}-.2233069{col 67}{space 3} .1276634
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.0378281{col 26}{space 2} .0927855{col 37}{space 1}   -0.41{col 46}{space 3}0.684{col 54}{space 4}-.2197466{col 67}{space 3} .1440903
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.0750831{col 26}{space 2} .0913203{col 37}{space 1}   -0.82{col 46}{space 3}0.411{col 54}{space 4}-.2541287{col 67}{space 3} .1039624
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.1058737{col 26}{space 2} .1414935{col 37}{space 1}   -0.75{col 46}{space 3}0.454{col 54}{space 4}-.3832907{col 67}{space 3} .1715432
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.0485973{col 26}{space 2}  .092223{col 37}{space 1}   -0.53{col 46}{space 3}0.598{col 54}{space 4}-.2294129{col 67}{space 3} .1322184
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} -.080406{col 26}{space 2} .0871057{col 37}{space 1}   -0.92{col 46}{space 3}0.356{col 54}{space 4}-.2511883{col 67}{space 3} .0903763
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.730932{col 26}{space 2} .0184887{col 37}{space 1}  -39.53{col 46}{space 3}0.000{col 54}{space 4}-.7671815{col 67}{space 3}-.6946825
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2} -.751781{col 26}{space 2} .0240646{col 37}{space 1}  -31.24{col 46}{space 3}0.000{col 54}{space 4} -.798963{col 67}{space 3}-.7045991
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7170261{col 26}{space 2} .0311081{col 37}{space 1}  -23.05{col 46}{space 3}0.000{col 54}{space 4}-.7780176{col 67}{space 3}-.6560345
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8266929{col 26}{space 2}  .034378{col 37}{space 1}  -24.05{col 46}{space 3}0.000{col 54}{space 4}-.8940955{col 67}{space 3}-.7592903
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8640203{col 26}{space 2} .0409975{col 37}{space 1}  -21.07{col 46}{space 3}0.000{col 54}{space 4}-.9444013{col 67}{space 3}-.7836393
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2} -.884424{col 26}{space 2} .0501549{col 37}{space 1}  -17.63{col 46}{space 3}0.000{col 54}{space 4}-.9827593{col 67}{space 3}-.7860887
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-1.091251{col 26}{space 2} .0578304{col 37}{space 1}  -18.87{col 46}{space 3}0.000{col 54}{space 4}-1.204635{col 67}{space 3}-.9778669
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 2.498033{col 26}{space 2}  .622557{col 37}{space 1}    4.01{col 46}{space 3}0.000{col 54}{space 4} 1.277426{col 67}{space 3} 3.718639
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     firm_id {c |}   absorbed                                    (3544 categories)

{com}. estimates store roa
{txt}
{com}. xi: areg roe eceage ece logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.year if jv==0, absorb(firm_id) cluster(firm_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{txt}{col 56}F({res} 27{txt},{res}  3543{txt}) ={res}  329.73
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.3870
{txt}{col 56}Adj R-squared ={res}  0.2039
{txt}{col 56}Root MSE      = {res} .51389

{txt}{ralign 78:(Std. Err. adjusted for {res:3544} clusters in firm_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0360767{col 26}{space 2} .0262164{col 37}{space 1}   -1.38{col 46}{space 3}0.169{col 54}{space 4}-.0874774{col 67}{space 3}  .015324
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0172808{col 26}{space 2} .0314091{col 37}{space 1}    0.55{col 46}{space 3}0.582{col 54}{space 4}-.0443009{col 67}{space 3} .0788626
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.1569553{col 26}{space 2} .1336275{col 37}{space 1}   -1.17{col 46}{space 3}0.240{col 54}{space 4}-.4189499{col 67}{space 3} .1050394
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1157892{col 26}{space 2}  .010183{col 37}{space 1}  -11.37{col 46}{space 3}0.000{col 54}{space 4}-.1357544{col 67}{space 3} -.095824
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     firm_id {c |}   absorbed                                    (3544 categories)

{com}. estimates store roe
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{com}. 
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{space 12} {c |}{res} {ralign 9:-25.1249}{txt} {space 1}{res} {ralign 9:-25.5214}{txt} {space 1}{res} {ralign 9:-20.6037}{txt} {space 1}{res} {ralign 9:-19.2176}{txt} {space 1}{res} {ralign 9:-18.8698}{txt} {space 1}
{res}{txt}{space 7}_cons {c |}{res} {ralign 9:5.1437}{txt} {space 1}{res} {ralign 9:4.7875}{txt} {space 1}{res} {ralign 9:3.4468}{txt} {space 1}{res} {ralign 9:2.9799}{txt} {space 1}{res} {ralign 9:2.4980}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:7.3737}{txt} {space 1}{res} {ralign 9:6.4532}{txt} {space 1}{res} {ralign 9:3.9275}{txt} {space 1}{res} {ralign 9:4.4513}{txt} {space 1}{res} {ralign 9:4.0125}{txt} {space 1}
{hline 12}{c -}{c +}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}
{ralign 12:N} {c |}{res} {ralign 9:9652}{txt} {space 1}{res} {ralign 9:9652}{txt} {space 1}{res} {ralign 9:9652}{txt} {space 1}{res} {ralign 9:15527}{txt} {space 1}{res} {ralign 9:15527}{txt} {space 1}
{ralign 12:r2_a} {c |}{res} {ralign 9:.3521}{txt} {space 1}{res} {ralign 9:.356}{txt} {space 1}{res} {ralign 9:.2227}{txt} {space 1}{res} {ralign 9:.3125}{txt} {space 1}{res} {ralign 9:.3121}{txt} {space 1}
{hline 12}{c -}{c BT}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}{c -}{hline 9}{c -}{c -}
{ralign 74:legend: b/t}


{hline 12}{c -}{c TT}{c -}{hline 9}{c -}{c -}
{ralign 12:Variable} {c |} {center 9:roe} {space 1}
{hline 12}{c -}{c +}{c -}{hline 9}{c -}{c -}
{res}{txt}{space 6}eceage {c |}{res} {ralign 9:-0.0361}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-1.3761}{txt} {space 1}
{res}{txt}{space 9}ece {c |}{res} {ralign 9:0.0173}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:0.5502}{txt} {space 1}
{res}{txt}{space 3}logassets {c |}{res} {ralign 9:-0.1570}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-1.1746}{txt} {space 1}
{res}{txt}{space 9}age {c |}{res} {ralign 9:-0.1158}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-11.3708}{txt} {space 1}
{res}{txt}{space 7}effic {c |}{res} {ralign 9:-0.2025}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-1.1506}{txt} {space 1}
{res}{txt}{space 4}leverage {c |}{res} {ralign 9:0.0397}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:0.3190}{txt} {space 1}
{res}{txt}{space 2}lnassetssq {c |}{res} {ralign 9:0.0102}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:1.5542}{txt} {space 1}
{res}{txt}{space 7}agesq {c |}{res} {ralign 9:0.0079}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:13.8050}{txt} {space 1}
{res}{txt}{space 7}levsq {c |}{res} {ralign 9:0.5819}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:4.3579}{txt} {space 1}
{res}{txt}{space 5}efficsq {c |}{res} {ralign 9:0.0000}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:0.7962}{txt} {space 1}
{res}{txt}{space 6}export {c |}{res} {ralign 9:-0.0000}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-0.0696}{txt} {space 1}
{res}{txt}{space 6}transp {c |}{res} {ralign 9:0.0012}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:0.0753}{txt} {space 1}
{res}{txt}_Irelatio~20 {c |}{res} {ralign 9:-0.0171}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-0.1136}{txt} {space 1}
{res}{txt}_Irelatio~40 {c |}{res} {ralign 9:-0.0201}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-0.1768}{txt} {space 1}
{res}{txt}_Irelatio~50 {c |}{res} {ralign 9:-0.0461}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-0.4074}{txt} {space 1}
{res}{txt}_Irelatio~61 {c |}{res} {ralign 9:(omitted)}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:}{txt} {space 1}
{res}{txt}_Irelatio~62 {c |}{res} {ralign 9:-0.0171}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-0.1470}{txt} {space 1}
{res}{txt}_Irelatio~63 {c |}{res} {ralign 9:-0.0521}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-0.4508}{txt} {space 1}
{res}{txt}_Irelatio~71 {c |}{res} {ralign 9:-0.0951}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-0.5896}{txt} {space 1}
{res}{txt}_Irelatio~72 {c |}{res} {ralign 9:-0.0552}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-0.4750}{txt} {space 1}
{res}{txt}_Irelatio~90 {c |}{res} {ralign 9:-0.0725}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-0.6623}{txt} {space 1}
{res}{txt}{space 1}_Iyear_1999 {c |}{res} {ralign 9:-0.6663}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-28.8071}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2000 {c |}{res} {ralign 9:-0.7711}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-26.1557}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2001 {c |}{res} {ralign 9:-0.6812}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-18.8047}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2002 {c |}{res} {ralign 9:-0.7842}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-19.6321}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2003 {c |}{res} {ralign 9:-0.8233}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-17.3802}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2004 {c |}{res} {ralign 9:-0.8487}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-14.6751}{txt} {space 1}
{res}{txt}{space 1}_Iyear_2005 {c |}{res} {ralign 9:-1.0397}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:-15.7208}{txt} {space 1}
{res}{txt}{space 7}_cons {c |}{res} {ralign 9:1.8157}{txt} {space 1}
{space 12} {c |}{res} {ralign 9:2.6486}{txt} {space 1}
{hline 12}{c -}{c +}{c -}{hline 9}{c -}{c -}
{ralign 12:N} {c |}{res} {ralign 9:15527}{txt} {space 1}
{ralign 12:r2_a} {c |}{res} {ralign 9:.2039}{txt} {space 1}
{hline 12}{c -}{c BT}{c -}{hline 9}{c -}{c -}
{ralign 26:legend: b/t}

{com}. 
{txt}end of do-file

{com}. sum iasq

{txt}    Variable {c |}       Obs        Mean    Std. Dev.       Min        Max
{hline 13}{c +}{hline 56}
{space 8}iasq {c |}{res}     25726    1.35e+07    8.57e+07          0   9.78e+08

{com}. do "/tmp/yqi306/SD16011.000000"
{txt}
{com}. xi: areg netmargin eceIntangible ece intangible logassets age effic leverage iasq lnassetssq agesq levsq efficsq i.province_id i.year if jv==1, absorb(sector_id) cluster(sector_id) 
{txt}i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{col 56}{help j_robustsingular:F( 46, 563)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3307
{txt}{col 56}Adj R-squared ={res}  0.2855
{txt}{col 56}Root MSE      = {res} .39762

{txt}{ralign 78:(Std. Err. adjusted for {res:564} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
eceIntangi~e {c |}{col 14}{res}{space 2} 6.30e-06{col 26}{space 2} 3.21e-06{col 37}{space 1}    1.96{col 46}{space 3}0.050{col 54}{space 4}-4.32e-10{col 67}{space 3} .0000126
{txt}{space 9}ece {c |}{col 14}{res}{space 2} -.001352{col 26}{space 2} .0124293{col 37}{space 1}   -0.11{col 46}{space 3}0.913{col 54}{space 4}-.0257654{col 67}{space 3} .0230614
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0000159{col 26}{space 2} 4.45e-06{col 37}{space 1}   -3.58{col 46}{space 3}0.000{col 54}{space 4}-.0000247{col 67}{space 3}-7.19e-06
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.6262952{col 26}{space 2} .0769777{col 37}{space 1}   -8.14{col 46}{space 3}0.000{col 54}{space 4}-.7774937{col 67}{space 3}-.4750967
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0767339{col 26}{space 2} .0057243{col 37}{space 1}  -13.41{col 46}{space 3}0.000{col 54}{space 4}-.0879774{col 67}{space 3}-.0654904
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .0784168{col 26}{space 2} .0995056{col 37}{space 1}    0.79{col 46}{space 3}0.431{col 54}{space 4}-.1170308{col 67}{space 3} .2738643
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.1840207{col 26}{space 2} .0883188{col 37}{space 1}   -2.08{col 46}{space 3}0.038{col 54}{space 4}-.3574952{col 67}{space 3}-.0105462
{txt}{space 8}iasq {c |}{col 14}{res}{space 2} 4.25e-10{col 26}{space 2} 1.56e-10{col 37}{space 1}    2.73{col 46}{space 3}0.007{col 54}{space 4} 1.19e-10{col 67}{space 3} 7.30e-10
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0292584{col 26}{space 2} .0037235{col 37}{space 1}    7.86{col 46}{space 3}0.000{col 54}{space 4} .0219448{col 67}{space 3} .0365721
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0037484{col 26}{space 2} .0003908{col 37}{space 1}    9.59{col 46}{space 3}0.000{col 54}{space 4} .0029808{col 67}{space 3}  .004516
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3070933{col 26}{space 2} .0840818{col 37}{space 1}    3.65{col 46}{space 3}0.000{col 54}{space 4} .1419409{col 67}{space 3} .4722456
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-1.73e-07{col 26}{space 2} 1.39e-07{col 37}{space 1}   -1.25{col 46}{space 3}0.213{col 54}{space 4}-4.45e-07{col 67}{space 3} 9.93e-08
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0202264{col 26}{space 2} .0390976{col 37}{space 1}   -0.52{col 46}{space 3}0.605{col 54}{space 4}-.0970213{col 67}{space 3} .0565685
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0174946{col 26}{space 2} .0391094{col 37}{space 1}   -0.45{col 46}{space 3}0.655{col 54}{space 4}-.0943128{col 67}{space 3} .0593236
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.2177209{col 26}{space 2} .1126933{col 37}{space 1}   -1.93{col 46}{space 3}0.054{col 54}{space 4}-.4390717{col 67}{space 3} .0036298
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2} .0474124{col 26}{space 2} .0303612{col 37}{space 1}    1.56{col 46}{space 3}0.119{col 54}{space 4}-.0122226{col 67}{space 3} .1070473
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0817654{col 26}{space 2} .0364795{col 37}{space 1}    2.24{col 46}{space 3}0.025{col 54}{space 4}  .010113{col 67}{space 3} .1534179
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .1789611{col 26}{space 2}  .137219{col 37}{space 1}    1.30{col 46}{space 3}0.193{col 54}{space 4}-.0905626{col 67}{space 3} .4484849
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0155729{col 26}{space 2} .0291118{col 37}{space 1}   -0.53{col 46}{space 3}0.593{col 54}{space 4}-.0727538{col 67}{space 3}  .041608
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0336704{col 26}{space 2} .0292514{col 37}{space 1}    1.15{col 46}{space 3}0.250{col 54}{space 4}-.0237848{col 67}{space 3} .0911256
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}  .058563{col 26}{space 2} .0315364{col 37}{space 1}    1.86{col 46}{space 3}0.064{col 54}{space 4}-.0033803{col 67}{space 3} .1205064
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.1009914{col 26}{space 2} .0604019{col 37}{space 1}   -1.67{col 46}{space 3}0.095{col 54}{space 4}-.2196319{col 67}{space 3} .0176491
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0344824{col 26}{space 2} .0331382{col 37}{space 1}   -1.04{col 46}{space 3}0.299{col 54}{space 4}-.0995721{col 67}{space 3} .0306072
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .1410624{col 26}{space 2} .0801777{col 37}{space 1}    1.76{col 46}{space 3}0.079{col 54}{space 4}-.0164215{col 67}{space 3} .2985463
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0532182{col 26}{space 2} .0338542{col 37}{space 1}    1.57{col 46}{space 3}0.117{col 54}{space 4}-.0132776{col 67}{space 3} .1197141
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.0201408{col 26}{space 2} .0517915{col 37}{space 1}   -0.39{col 46}{space 3}0.698{col 54}{space 4}-.1218689{col 67}{space 3} .0815874
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}  .148538{col 26}{space 2} .0783118{col 37}{space 1}    1.90{col 46}{space 3}0.058{col 54}{space 4}-.0052811{col 67}{space 3}  .302357
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .0775824{col 26}{space 2} .0678619{col 37}{space 1}    1.14{col 46}{space 3}0.253{col 54}{space 4} -.055711{col 67}{space 3} .2108758
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0353405{col 26}{space 2}   .03261{col 37}{space 1}    1.08{col 46}{space 3}0.279{col 54}{space 4}-.0287116{col 67}{space 3} .0993926
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .0317739{col 26}{space 2} .0543325{col 37}{space 1}    0.58{col 46}{space 3}0.559{col 54}{space 4}-.0749453{col 67}{space 3} .1384932
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} -.030582{col 26}{space 2} .1219237{col 37}{space 1}   -0.25{col 46}{space 3}0.802{col 54}{space 4} -.270063{col 67}{space 3} .2088989
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} -.004611{col 26}{space 2} .0772392{col 37}{space 1}   -0.06{col 46}{space 3}0.952{col 54}{space 4}-.1563232{col 67}{space 3} .1471012
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1110547{col 26}{space 2} .0884488{col 37}{space 1}   -1.26{col 46}{space 3}0.210{col 54}{space 4}-.2847847{col 67}{space 3} .0626753
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .0177571{col 26}{space 2} .1186608{col 37}{space 1}    0.15{col 46}{space 3}0.881{col 54}{space 4}-.2153148{col 67}{space 3} .2508291
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.0208465{col 26}{space 2} .0948098{col 37}{space 1}   -0.22{col 46}{space 3}0.826{col 54}{space 4}-.2070706{col 67}{space 3} .1653777
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.0255222{col 26}{space 2} .0460069{col 37}{space 1}   -0.55{col 46}{space 3}0.579{col 54}{space 4}-.1158883{col 67}{space 3} .0648438
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2} -.232498{col 26}{space 2} .1226851{col 37}{space 1}   -1.90{col 46}{space 3}0.059{col 54}{space 4}-.4734744{col 67}{space 3} .0084784
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .1350003{col 26}{space 2} .3439454{col 37}{space 1}    0.39{col 46}{space 3}0.695{col 54}{space 4}-.5405726{col 67}{space 3} .8105732
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2}  .237703{col 26}{space 2} .0979201{col 37}{space 1}    2.43{col 46}{space 3}0.016{col 54}{space 4} .0453697{col 67}{space 3} .4300363
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.1769902{col 26}{space 2} .1907004{col 37}{space 1}   -0.93{col 46}{space 3}0.354{col 54}{space 4}-.5515614{col 67}{space 3} .1975811
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7313881{col 26}{space 2} .0163456{col 37}{space 1}  -44.75{col 46}{space 3}0.000{col 54}{space 4}-.7634939{col 67}{space 3}-.6992823
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7379164{col 26}{space 2} .0153989{col 37}{space 1}  -47.92{col 46}{space 3}0.000{col 54}{space 4}-.7681627{col 67}{space 3}-.7076702
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6472279{col 26}{space 2} .0160379{col 37}{space 1}  -40.36{col 46}{space 3}0.000{col 54}{space 4}-.6787293{col 67}{space 3}-.6157264
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7638509{col 26}{space 2}  .015654{col 37}{space 1}  -48.80{col 46}{space 3}0.000{col 54}{space 4}-.7945983{col 67}{space 3}-.7331034
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} -.748609{col 26}{space 2} .0189616{col 37}{space 1}  -39.48{col 46}{space 3}0.000{col 54}{space 4}-.7858532{col 67}{space 3}-.7113649
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2} -.671328{col 26}{space 2}   .01845{col 37}{space 1}  -36.39{col 46}{space 3}0.000{col 54}{space 4}-.7075672{col 67}{space 3}-.6350888
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8218889{col 26}{space 2} .0168248{col 37}{space 1}  -48.85{col 46}{space 3}0.000{col 54}{space 4} -.854936{col 67}{space 3}-.7888418
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.517822{col 26}{space 2} .3908281{col 37}{space 1}   11.56{col 46}{space 3}0.000{col 54}{space 4} 3.750163{col 67}{space 3} 5.285481
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (564 categories)

{com}. xi: areg roa eceIntangible ece intangible logassets age effic leverage iasq lnassetssq agesq levsq efficsq i.province_id i.year if jv==1, absorb(sector_id) cluster(sector_id) 
{txt}i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{col 56}{help j_robustsingular:F( 46, 563)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3276
{txt}{col 56}Adj R-squared ={res}  0.2822
{txt}{col 56}Root MSE      = {res} .39161

{txt}{ralign 78:(Std. Err. adjusted for {res:564} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
eceIntangi~e {c |}{col 14}{res}{space 2} 5.92e-06{col 26}{space 2} 3.22e-06{col 37}{space 1}    1.84{col 46}{space 3}0.067{col 54}{space 4}-4.09e-07{col 67}{space 3} .0000122
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0018138{col 26}{space 2} .0124106{col 37}{space 1}   -0.15{col 46}{space 3}0.884{col 54}{space 4}-.0261906{col 67}{space 3}  .022563
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0000128{col 26}{space 2} 4.15e-06{col 37}{space 1}   -3.07{col 46}{space 3}0.002{col 54}{space 4}-.0000209{col 67}{space 3}-4.60e-06
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.5907407{col 26}{space 2} .0787663{col 37}{space 1}   -7.50{col 46}{space 3}0.000{col 54}{space 4}-.7454524{col 67}{space 3}-.4360289
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0783873{col 26}{space 2} .0060529{col 37}{space 1}  -12.95{col 46}{space 3}0.000{col 54}{space 4}-.0902764{col 67}{space 3}-.0664983
{txt}{space 7}effic {c |}{col 14}{res}{space 2} -.087463{col 26}{space 2} .0959234{col 37}{space 1}   -0.91{col 46}{space 3}0.362{col 54}{space 4}-.2758745{col 67}{space 3} .1009484
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.1854546{col 26}{space 2}  .084696{col 37}{space 1}   -2.19{col 46}{space 3}0.029{col 54}{space 4}-.3518133{col 67}{space 3}-.0190958
{txt}{space 8}iasq {c |}{col 14}{res}{space 2} 2.79e-10{col 26}{space 2} 1.44e-10{col 37}{space 1}    1.93{col 46}{space 3}0.054{col 54}{space 4}-4.74e-12{col 67}{space 3} 5.62e-10
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0275878{col 26}{space 2} .0037699{col 37}{space 1}    7.32{col 46}{space 3}0.000{col 54}{space 4}  .020183{col 67}{space 3} .0349925
{txt}{space 7}agesq {c |}{col 14}{res}{space 2}  .003861{col 26}{space 2} .0004093{col 37}{space 1}    9.43{col 46}{space 3}0.000{col 54}{space 4} .0030571{col 67}{space 3}  .004665
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .2836598{col 26}{space 2} .0801608{col 37}{space 1}    3.54{col 46}{space 3}0.000{col 54}{space 4} .1262089{col 67}{space 3} .4411106
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 4.84e-08{col 26}{space 2} 1.25e-07{col 37}{space 1}    0.39{col 46}{space 3}0.699{col 54}{space 4}-1.97e-07{col 67}{space 3} 2.94e-07
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0006782{col 26}{space 2} .0358964{col 37}{space 1}   -0.02{col 46}{space 3}0.985{col 54}{space 4}-.0711854{col 67}{space 3}  .069829
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} -.007426{col 26}{space 2} .0349954{col 37}{space 1}   -0.21{col 46}{space 3}0.832{col 54}{space 4}-.0761635{col 67}{space 3} .0613116
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.1922959{col 26}{space 2} .1146066{col 37}{space 1}   -1.68{col 46}{space 3}0.094{col 54}{space 4}-.4174047{col 67}{space 3} .0328128
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2} .2768379{col 26}{space 2} .0949131{col 37}{space 1}    2.92{col 46}{space 3}0.004{col 54}{space 4}  .090411{col 67}{space 3} .4632649
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0642815{col 26}{space 2} .0324265{col 37}{space 1}    1.98{col 46}{space 3}0.048{col 54}{space 4} .0005899{col 67}{space 3} .1279732
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .2437084{col 26}{space 2} .1338756{col 37}{space 1}    1.82{col 46}{space 3}0.069{col 54}{space 4}-.0192482{col 67}{space 3}  .506665
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0157306{col 26}{space 2} .0266444{col 37}{space 1}   -0.59{col 46}{space 3}0.555{col 54}{space 4}-.0680652{col 67}{space 3}  .036604
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0276002{col 26}{space 2} .0264855{col 37}{space 1}    1.04{col 46}{space 3}0.298{col 54}{space 4}-.0244222{col 67}{space 3} .0796227
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0468943{col 26}{space 2} .0273993{col 37}{space 1}    1.71{col 46}{space 3}0.088{col 54}{space 4} -.006923{col 67}{space 3} .1007116
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0765456{col 26}{space 2} .0589716{col 37}{space 1}   -1.30{col 46}{space 3}0.195{col 54}{space 4}-.1923768{col 67}{space 3} .0392856
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0278535{col 26}{space 2} .0299598{col 37}{space 1}   -0.93{col 46}{space 3}0.353{col 54}{space 4}-.0867001{col 67}{space 3}  .030993
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .1320903{col 26}{space 2}  .074613{col 37}{space 1}    1.77{col 46}{space 3}0.077{col 54}{space 4}-.0144636{col 67}{space 3} .2786442
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0513246{col 26}{space 2} .0306268{col 37}{space 1}    1.68{col 46}{space 3}0.094{col 54}{space 4}-.0088321{col 67}{space 3} .1114812
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} -.023307{col 26}{space 2} .0478547{col 37}{space 1}   -0.49{col 46}{space 3}0.626{col 54}{space 4}-.1173025{col 67}{space 3} .0706884
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .1339018{col 26}{space 2} .0756889{col 37}{space 1}    1.77{col 46}{space 3}0.077{col 54}{space 4}-.0147653{col 67}{space 3} .2825689
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .0564405{col 26}{space 2} .0653694{col 37}{space 1}    0.86{col 46}{space 3}0.388{col 54}{space 4}-.0719572{col 67}{space 3} .1848382
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0225822{col 26}{space 2} .0287576{col 37}{space 1}    0.79{col 46}{space 3}0.433{col 54}{space 4}-.0339031{col 67}{space 3} .0790674
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .0436534{col 26}{space 2}  .054519{col 37}{space 1}    0.80{col 46}{space 3}0.424{col 54}{space 4}-.0634321{col 67}{space 3} .1507389
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.0473308{col 26}{space 2} .1129326{col 37}{space 1}   -0.42{col 46}{space 3}0.675{col 54}{space 4}-.2691515{col 67}{space 3} .1744898
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} -.019254{col 26}{space 2} .0612927{col 37}{space 1}   -0.31{col 46}{space 3}0.754{col 54}{space 4}-.1396443{col 67}{space 3} .1011363
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.0633844{col 26}{space 2} .0746166{col 37}{space 1}   -0.85{col 46}{space 3}0.396{col 54}{space 4}-.2099454{col 67}{space 3} .0831765
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .0221343{col 26}{space 2} .1197948{col 37}{space 1}    0.18{col 46}{space 3}0.853{col 54}{space 4}-.2131651{col 67}{space 3} .2574337
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} -.074346{col 26}{space 2} .0715611{col 37}{space 1}   -1.04{col 46}{space 3}0.299{col 54}{space 4}-.2149053{col 67}{space 3} .0662132
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.0142551{col 26}{space 2} .0392749{col 37}{space 1}   -0.36{col 46}{space 3}0.717{col 54}{space 4}-.0913985{col 67}{space 3} .0628882
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.1935925{col 26}{space 2} .1061795{col 37}{space 1}   -1.82{col 46}{space 3}0.069{col 54}{space 4}-.4021488{col 67}{space 3} .0149637
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .0566541{col 26}{space 2} .3783171{col 37}{space 1}    0.15{col 46}{space 3}0.881{col 54}{space 4}-.6864313{col 67}{space 3} .7997394
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2} .1523891{col 26}{space 2} .1442482{col 37}{space 1}    1.06{col 46}{space 3}0.291{col 54}{space 4}-.1309413{col 67}{space 3} .4357196
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.1347011{col 26}{space 2} .1652086{col 37}{space 1}   -0.82{col 46}{space 3}0.415{col 54}{space 4}-.4592015{col 67}{space 3} .1897993
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7293364{col 26}{space 2}  .015517{col 37}{space 1}  -47.00{col 46}{space 3}0.000{col 54}{space 4}-.7598147{col 67}{space 3} -.698858
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6980564{col 26}{space 2} .0162382{col 37}{space 1}  -42.99{col 46}{space 3}0.000{col 54}{space 4}-.7299513{col 67}{space 3}-.6661615
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} -.621363{col 26}{space 2}  .015573{col 37}{space 1}  -39.90{col 46}{space 3}0.000{col 54}{space 4}-.6519512{col 67}{space 3}-.5907747
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7330561{col 26}{space 2} .0148574{col 37}{space 1}  -49.34{col 46}{space 3}0.000{col 54}{space 4}-.7622387{col 67}{space 3}-.7038735
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7138947{col 26}{space 2} .0185563{col 37}{space 1}  -38.47{col 46}{space 3}0.000{col 54}{space 4}-.7503426{col 67}{space 3}-.6774467
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6418094{col 26}{space 2} .0197499{col 37}{space 1}  -32.50{col 46}{space 3}0.000{col 54}{space 4}-.6806018{col 67}{space 3}-.6030169
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7796855{col 26}{space 2} .0171269{col 37}{space 1}  -45.52{col 46}{space 3}0.000{col 54}{space 4}-.8133259{col 67}{space 3}-.7460451
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.349309{col 26}{space 2} .4013012{col 37}{space 1}   10.84{col 46}{space 3}0.000{col 54}{space 4} 3.561079{col 67}{space 3} 5.137539
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (564 categories)

{com}. xi: areg roe eceIntangible ece intangible logassets age effic leverage iasq lnassetssq agesq levsq efficsq i.province_id i.year if jv==1, absorb(sector_id) cluster(sector_id) 
{txt}i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{col 56}{help j_robustsingular:F( 46, 563)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.2278
{txt}{col 56}Adj R-squared ={res}  0.1757
{txt}{col 56}Root MSE      = {res} .52308

{txt}{ralign 78:(Std. Err. adjusted for {res:564} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
eceIntangi~e {c |}{col 14}{res}{space 2} 6.56e-06{col 26}{space 2} 3.79e-06{col 37}{space 1}    1.73{col 46}{space 3}0.084{col 54}{space 4}-8.90e-07{col 67}{space 3}  .000014
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0017508{col 26}{space 2} .0145818{col 37}{space 1}    0.12{col 46}{space 3}0.904{col 54}{space 4}-.0268906{col 67}{space 3} .0303922
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0000143{col 26}{space 2} 5.07e-06{col 37}{space 1}   -2.81{col 46}{space 3}0.005{col 54}{space 4}-.0000242{col 67}{space 3}-4.29e-06
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.5610088{col 26}{space 2} .0851503{col 37}{space 1}   -6.59{col 46}{space 3}0.000{col 54}{space 4}  -.72826{col 67}{space 3}-.3937577
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0774008{col 26}{space 2} .0071194{col 37}{space 1}  -10.87{col 46}{space 3}0.000{col 54}{space 4}-.0913846{col 67}{space 3} -.063417
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2933411{col 26}{space 2} .1215566{col 37}{space 1}   -2.41{col 46}{space 3}0.016{col 54}{space 4}-.5321009{col 67}{space 3}-.0545813
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.2827691{col 26}{space 2}  .107587{col 37}{space 1}   -2.63{col 46}{space 3}0.009{col 54}{space 4}  -.49409{col 67}{space 3}-.0714483
{txt}{space 8}iasq {c |}{col 14}{res}{space 2} 3.04e-10{col 26}{space 2} 1.65e-10{col 37}{space 1}    1.84{col 46}{space 3}0.066{col 54}{space 4}-2.04e-11{col 67}{space 3} 6.28e-10
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0270145{col 26}{space 2} .0040907{col 37}{space 1}    6.60{col 46}{space 3}0.000{col 54}{space 4} .0189796{col 67}{space 3} .0350494
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0037804{col 26}{space 2} .0004569{col 37}{space 1}    8.27{col 46}{space 3}0.000{col 54}{space 4} .0028829{col 67}{space 3} .0046779
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .5221327{col 26}{space 2} .1174452{col 37}{space 1}    4.45{col 46}{space 3}0.000{col 54}{space 4} .2914485{col 67}{space 3}  .752817
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 2.25e-07{col 26}{space 2} 1.52e-07{col 37}{space 1}    1.48{col 46}{space 3}0.139{col 54}{space 4}-7.36e-08{col 67}{space 3} 5.24e-07
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0264211{col 26}{space 2} .0486545{col 37}{space 1}   -0.54{col 46}{space 3}0.587{col 54}{space 4}-.1219876{col 67}{space 3} .0691455
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0031638{col 26}{space 2} .0461578{col 37}{space 1}   -0.07{col 46}{space 3}0.945{col 54}{space 4}-.0938264{col 67}{space 3} .0874988
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.1605134{col 26}{space 2} .2194241{col 37}{space 1}   -0.73{col 46}{space 3}0.465{col 54}{space 4}-.5915033{col 67}{space 3} .2704765
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2} .3193742{col 26}{space 2} .0877376{col 37}{space 1}    3.64{col 46}{space 3}0.000{col 54}{space 4} .1470412{col 67}{space 3} .4917072
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0637309{col 26}{space 2} .0460575{col 37}{space 1}    1.38{col 46}{space 3}0.167{col 54}{space 4}-.0267347{col 67}{space 3} .1541965
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}  .241143{col 26}{space 2} .1476468{col 37}{space 1}    1.63{col 46}{space 3}0.103{col 54}{space 4}-.0488629{col 67}{space 3} .5311488
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0282605{col 26}{space 2} .0385988{col 37}{space 1}   -0.73{col 46}{space 3}0.464{col 54}{space 4}-.1040757{col 67}{space 3} .0475547
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0286079{col 26}{space 2}  .038693{col 37}{space 1}    0.74{col 46}{space 3}0.460{col 54}{space 4}-.0473924{col 67}{space 3} .1046082
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0787778{col 26}{space 2} .0379028{col 37}{space 1}    2.08{col 46}{space 3}0.038{col 54}{space 4} .0043295{col 67}{space 3}  .153226
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0958939{col 26}{space 2} .0684163{col 37}{space 1}   -1.40{col 46}{space 3}0.162{col 54}{space 4}-.2302763{col 67}{space 3} .0384886
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0374357{col 26}{space 2} .0389688{col 37}{space 1}   -0.96{col 46}{space 3}0.337{col 54}{space 4}-.1139777{col 67}{space 3} .0391064
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2}  .167369{col 26}{space 2} .0926066{col 37}{space 1}    1.81{col 46}{space 3}0.071{col 54}{space 4}-.0145276{col 67}{space 3} .3492657
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0635592{col 26}{space 2} .0447753{col 37}{space 1}    1.42{col 46}{space 3}0.156{col 54}{space 4}-.0243879{col 67}{space 3} .1515063
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.0506159{col 26}{space 2} .0675719{col 37}{space 1}   -0.75{col 46}{space 3}0.454{col 54}{space 4}-.1833398{col 67}{space 3}  .082108
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .0708249{col 26}{space 2} .1054793{col 37}{space 1}    0.67{col 46}{space 3}0.502{col 54}{space 4}-.1363561{col 67}{space 3} .2780059
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .0610497{col 26}{space 2} .0816377{col 37}{space 1}    0.75{col 46}{space 3}0.455{col 54}{space 4}-.0993019{col 67}{space 3} .2214014
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0182867{col 26}{space 2} .0414094{col 37}{space 1}    0.44{col 46}{space 3}0.659{col 54}{space 4}-.0630491{col 67}{space 3} .0996224
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}  .079699{col 26}{space 2} .0689889{col 37}{space 1}    1.16{col 46}{space 3}0.248{col 54}{space 4} -.055808{col 67}{space 3}  .215206
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} -.090753{col 26}{space 2} .1638782{col 37}{space 1}   -0.55{col 46}{space 3}0.580{col 54}{space 4}-.4126404{col 67}{space 3} .2311344
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.0882746{col 26}{space 2} .0955477{col 37}{space 1}   -0.92{col 46}{space 3}0.356{col 54}{space 4} -.275948{col 67}{space 3} .0993989
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} -.120454{col 26}{space 2} .0916604{col 37}{space 1}   -1.31{col 46}{space 3}0.189{col 54}{space 4}-.3004921{col 67}{space 3}  .059584
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2}-.0461655{col 26}{space 2} .1409164{col 37}{space 1}   -0.33{col 46}{space 3}0.743{col 54}{space 4}-.3229517{col 67}{space 3} .2306207
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.0780831{col 26}{space 2} .0852914{col 37}{space 1}   -0.92{col 46}{space 3}0.360{col 54}{space 4}-.2456113{col 67}{space 3} .0894451
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.1060049{col 26}{space 2} .0536198{col 37}{space 1}   -1.98{col 46}{space 3}0.049{col 54}{space 4}-.2113241{col 67}{space 3}-.0006857
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.3180634{col 26}{space 2} .1644411{col 37}{space 1}   -1.93{col 46}{space 3}0.054{col 54}{space 4}-.6410563{col 67}{space 3} .0049296
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2}-.3654482{col 26}{space 2} .6229465{col 37}{space 1}   -0.59{col 46}{space 3}0.558{col 54}{space 4}-1.589031{col 67}{space 3} .8581348
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2} .1939512{col 26}{space 2}  .087976{col 37}{space 1}    2.20{col 46}{space 3}0.028{col 54}{space 4} .0211499{col 67}{space 3} .3667525
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.0405666{col 26}{space 2} .0884393{col 37}{space 1}   -0.46{col 46}{space 3}0.647{col 54}{space 4}-.2142778{col 67}{space 3} .1331446
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6857427{col 26}{space 2} .0211564{col 37}{space 1}  -32.41{col 46}{space 3}0.000{col 54}{space 4}-.7272979{col 67}{space 3}-.6441875
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6863417{col 26}{space 2} .0218546{col 37}{space 1}  -31.40{col 46}{space 3}0.000{col 54}{space 4}-.7292683{col 67}{space 3}-.6434151
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5873076{col 26}{space 2} .0193708{col 37}{space 1}  -30.32{col 46}{space 3}0.000{col 54}{space 4}-.6253555{col 67}{space 3}-.5492598
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6828941{col 26}{space 2} .0179338{col 37}{space 1}  -38.08{col 46}{space 3}0.000{col 54}{space 4}-.7181195{col 67}{space 3}-.6476688
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6866091{col 26}{space 2} .0242739{col 37}{space 1}  -28.29{col 46}{space 3}0.000{col 54}{space 4}-.7342875{col 67}{space 3}-.6389306
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2} -.629199{col 26}{space 2} .0241476{col 37}{space 1}  -26.06{col 46}{space 3}0.000{col 54}{space 4}-.6766294{col 67}{space 3}-.5817686
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} -.763771{col 26}{space 2}  .021889{col 37}{space 1}  -34.89{col 46}{space 3}0.000{col 54}{space 4}-.8067651{col 67}{space 3} -.720777
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.107483{col 26}{space 2} .4295089{col 37}{space 1}    9.56{col 46}{space 3}0.000{col 54}{space 4} 3.263848{col 67}{space 3} 4.951119
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (564 categories)

{com}. 
. xi: areg netmargin eceIntangible ece intangible logassets age effic leverage iasq lnassetssq agesq levsq efficsq i.province_id i.year if jv==0, absorb(sector_id) cluster(sector_id) 
{txt}i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{col 56}{help j_robustsingular:F( 43, 567)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.2989
{txt}{col 56}Adj R-squared ={res}  0.2701
{txt}{col 56}Root MSE      = {res} .40669

{txt}{ralign 78:(Std. Err. adjusted for {res:568} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
eceIntangi~e {c |}{col 14}{res}{space 2} 8.28e-07{col 26}{space 2} 3.35e-06{col 37}{space 1}    0.25{col 46}{space 3}0.805{col 54}{space 4}-5.75e-06{col 67}{space 3} 7.41e-06
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0030501{col 26}{space 2}  .011793{col 37}{space 1}    0.26{col 46}{space 3}0.796{col 54}{space 4}-.0201132{col 67}{space 3} .0262134
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0000105{col 26}{space 2} 3.74e-06{col 37}{space 1}   -2.80{col 46}{space 3}0.005{col 54}{space 4}-.0000178{col 67}{space 3}-3.11e-06
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.4420634{col 26}{space 2} .0603617{col 37}{space 1}   -7.32{col 46}{space 3}0.000{col 54}{space 4}-.5606232{col 67}{space 3}-.3235036
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1015998{col 26}{space 2} .0041357{col 37}{space 1}  -24.57{col 46}{space 3}0.000{col 54}{space 4}-.1097229{col 67}{space 3}-.0934767
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0820508{col 26}{space 2} .0785528{col 37}{space 1}   -1.04{col 46}{space 3}0.297{col 54}{space 4}-.2363408{col 67}{space 3} .0722393
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}  .042387{col 26}{space 2} .0617703{col 37}{space 1}    0.69{col 46}{space 3}0.493{col 54}{space 4}-.0789396{col 67}{space 3} .1637136
{txt}{space 8}iasq {c |}{col 14}{res}{space 2} 5.74e-10{col 26}{space 2} 1.24e-10{col 37}{space 1}    4.63{col 46}{space 3}0.000{col 54}{space 4} 3.30e-10{col 67}{space 3} 8.18e-10
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0196026{col 26}{space 2} .0029057{col 37}{space 1}    6.75{col 46}{space 3}0.000{col 54}{space 4} .0138954{col 67}{space 3} .0253097
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0052916{col 26}{space 2} .0002831{col 37}{space 1}   18.69{col 46}{space 3}0.000{col 54}{space 4} .0047355{col 67}{space 3} .0058478
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .1044634{col 26}{space 2} .0659683{col 37}{space 1}    1.58{col 46}{space 3}0.114{col 54}{space 4}-.0251087{col 67}{space 3} .2340354
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 3.03e-08{col 26}{space 2} 1.06e-07{col 37}{space 1}    0.29{col 46}{space 3}0.775{col 54}{space 4}-1.78e-07{col 67}{space 3} 2.38e-07
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0290612{col 26}{space 2}  .038431{col 37}{space 1}   -0.76{col 46}{space 3}0.450{col 54}{space 4}-.1045457{col 67}{space 3} .0464232
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .0298552{col 26}{space 2} .0554072{col 37}{space 1}    0.54{col 46}{space 3}0.590{col 54}{space 4}-.0789731{col 67}{space 3} .1386835
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.3140244{col 26}{space 2}  .167319{col 37}{space 1}   -1.88{col 46}{space 3}0.061{col 54}{space 4}-.6426652{col 67}{space 3} .0146164
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0168712{col 26}{space 2} .0423484{col 37}{space 1}   -0.40{col 46}{space 3}0.690{col 54}{space 4}-.1000502{col 67}{space 3} .0663078
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-.1351782{col 26}{space 2} .1242668{col 37}{space 1}   -1.09{col 46}{space 3}0.277{col 54}{space 4}-.3792577{col 67}{space 3} .1089013
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0315465{col 26}{space 2} .0384958{col 37}{space 1}   -0.82{col 46}{space 3}0.413{col 54}{space 4}-.1071582{col 67}{space 3} .0440653
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}  .023653{col 26}{space 2}  .037835{col 37}{space 1}    0.63{col 46}{space 3}0.532{col 54}{space 4}-.0506608{col 67}{space 3} .0979669
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0115289{col 26}{space 2}   .03948{col 37}{space 1}    0.29{col 46}{space 3}0.770{col 54}{space 4}-.0660159{col 67}{space 3} .0890737
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0530024{col 26}{space 2}  .072524{col 37}{space 1}   -0.73{col 46}{space 3}0.465{col 54}{space 4}-.1954509{col 67}{space 3} .0894461
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0368808{col 26}{space 2} .0378107{col 37}{space 1}   -0.98{col 46}{space 3}0.330{col 54}{space 4}-.1111468{col 67}{space 3} .0373853
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .1264165{col 26}{space 2} .0589648{col 37}{space 1}    2.14{col 46}{space 3}0.032{col 54}{space 4} .0106004{col 67}{space 3} .2422326
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0012362{col 26}{space 2} .0404392{col 37}{space 1}    0.03{col 46}{space 3}0.976{col 54}{space 4}-.0781927{col 67}{space 3} .0806652
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0467058{col 26}{space 2} .0720294{col 37}{space 1}    0.65{col 46}{space 3}0.517{col 54}{space 4}-.0947713{col 67}{space 3} .1881828
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}    .1335{col 26}{space 2} .0736157{col 37}{space 1}    1.81{col 46}{space 3}0.070{col 54}{space 4}-.0110929{col 67}{space 3} .2780928
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .1378202{col 26}{space 2} .0888369{col 37}{space 1}    1.55{col 46}{space 3}0.121{col 54}{space 4}-.0366693{col 67}{space 3} .3123097
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0498609{col 26}{space 2} .0360346{col 37}{space 1}    1.38{col 46}{space 3}0.167{col 54}{space 4}-.0209168{col 67}{space 3} .1206385
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.0292624{col 26}{space 2} .0665801{col 37}{space 1}   -0.44{col 46}{space 3}0.660{col 54}{space 4} -.160036{col 67}{space 3} .1015113
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.1362303{col 26}{space 2} .1248539{col 37}{space 1}   -1.09{col 46}{space 3}0.276{col 54}{space 4}-.3814631{col 67}{space 3} .1090024
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .0562398{col 26}{space 2} .0909971{col 37}{space 1}    0.62{col 46}{space 3}0.537{col 54}{space 4}-.1224929{col 67}{space 3} .2349724
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}  .061885{col 26}{space 2} .0755642{col 37}{space 1}    0.82{col 46}{space 3}0.413{col 54}{space 4}-.0865348{col 67}{space 3} .2103048
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .0642103{col 26}{space 2} .0408546{col 37}{space 1}    1.57{col 46}{space 3}0.117{col 54}{space 4}-.0160346{col 67}{space 3} .1444552
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.0214654{col 26}{space 2} .1852516{col 37}{space 1}   -0.12{col 46}{space 3}0.908{col 54}{space 4}-.3853286{col 67}{space 3} .3423977
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .0990545{col 26}{space 2}  .127175{col 37}{space 1}    0.78{col 46}{space 3}0.436{col 54}{space 4}-.1507371{col 67}{space 3} .3488461
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.1481206{col 26}{space 2} .1348243{col 37}{space 1}   -1.10{col 46}{space 3}0.272{col 54}{space 4}-.4129366{col 67}{space 3} .1166955
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .2176429{col 26}{space 2} .0424103{col 37}{space 1}    5.13{col 46}{space 3}0.000{col 54}{space 4} .1343424{col 67}{space 3} .3009433
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.2031604{col 26}{space 2} .1251304{col 37}{space 1}   -1.62{col 46}{space 3}0.105{col 54}{space 4}-.4489362{col 67}{space 3} .0426154
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6906603{col 26}{space 2} .0137377{col 37}{space 1}  -50.27{col 46}{space 3}0.000{col 54}{space 4}-.7176433{col 67}{space 3}-.6636774
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7248642{col 26}{space 2} .0156826{col 37}{space 1}  -46.22{col 46}{space 3}0.000{col 54}{space 4}-.7556672{col 67}{space 3}-.6940612
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6465136{col 26}{space 2} .0131491{col 37}{space 1}  -49.17{col 46}{space 3}0.000{col 54}{space 4}-.6723405{col 67}{space 3}-.6206866
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2} -.732919{col 26}{space 2} .0118525{col 37}{space 1}  -61.84{col 46}{space 3}0.000{col 54}{space 4}-.7561991{col 67}{space 3}-.7096388
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7318456{col 26}{space 2} .0152918{col 37}{space 1}  -47.86{col 46}{space 3}0.000{col 54}{space 4} -.761881{col 67}{space 3}-.7018101
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6562881{col 26}{space 2} .0181096{col 37}{space 1}  -36.24{col 46}{space 3}0.000{col 54}{space 4}-.6918581{col 67}{space 3} -.620718
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8256272{col 26}{space 2} .0154265{col 37}{space 1}  -53.52{col 46}{space 3}0.000{col 54}{space 4}-.8559273{col 67}{space 3}-.7953272
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.690424{col 26}{space 2} .3135532{col 37}{space 1}   11.77{col 46}{space 3}0.000{col 54}{space 4} 3.074556{col 67}{space 3} 4.306291
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (568 categories)

{com}. xi: areg roa eceIntangible ece intangible logassets age effic leverage iasq lnassetssq agesq levsq efficsq i.province_id i.year if jv==0, absorb(sector_id) cluster(sector_id) 
{txt}i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{col 56}{help j_robustsingular:F( 43, 567)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.2905
{txt}{col 56}Adj R-squared ={res}  0.2613
{txt}{col 56}Root MSE      = {res} .40544

{txt}{ralign 78:(Std. Err. adjusted for {res:568} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
eceIntangi~e {c |}{col 14}{res}{space 2} 1.67e-06{col 26}{space 2} 2.85e-06{col 37}{space 1}    0.59{col 46}{space 3}0.558{col 54}{space 4}-3.94e-06{col 67}{space 3} 7.28e-06
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0011878{col 26}{space 2}  .011273{col 37}{space 1}    0.11{col 46}{space 3}0.916{col 54}{space 4} -.020954{col 67}{space 3} .0233297
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0000112{col 26}{space 2} 3.19e-06{col 37}{space 1}   -3.50{col 46}{space 3}0.001{col 54}{space 4}-.0000174{col 67}{space 3}-4.89e-06
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.3908654{col 26}{space 2}   .05927{col 37}{space 1}   -6.59{col 46}{space 3}0.000{col 54}{space 4}-.5072811{col 67}{space 3}-.2744498
{txt}{space 9}age {c |}{col 14}{res}{space 2} -.098233{col 26}{space 2} .0040765{col 37}{space 1}  -24.10{col 46}{space 3}0.000{col 54}{space 4}-.1062399{col 67}{space 3}-.0902262
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.1191834{col 26}{space 2} .0715742{col 37}{space 1}   -1.67{col 46}{space 3}0.096{col 54}{space 4}-.2597664{col 67}{space 3} .0213995
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}  .061246{col 26}{space 2} .0590809{col 37}{space 1}    1.04{col 46}{space 3}0.300{col 54}{space 4}-.0547982{col 67}{space 3} .1772903
{txt}{space 8}iasq {c |}{col 14}{res}{space 2} 6.15e-10{col 26}{space 2} 1.13e-10{col 37}{space 1}    5.45{col 46}{space 3}0.000{col 54}{space 4} 3.93e-10{col 67}{space 3} 8.37e-10
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0170544{col 26}{space 2} .0028384{col 37}{space 1}    6.01{col 46}{space 3}0.000{col 54}{space 4} .0114793{col 67}{space 3} .0226296
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0050577{col 26}{space 2} .0002821{col 37}{space 1}   17.93{col 46}{space 3}0.000{col 54}{space 4} .0045037{col 67}{space 3} .0056117
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .0752151{col 26}{space 2} .0628914{col 37}{space 1}    1.20{col 46}{space 3}0.232{col 54}{space 4}-.0483134{col 67}{space 3} .1987435
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 1.41e-07{col 26}{space 2} 9.19e-08{col 37}{space 1}    1.54{col 46}{space 3}0.125{col 54}{space 4}-3.94e-08{col 67}{space 3} 3.21e-07
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0066634{col 26}{space 2} .0405813{col 37}{space 1}   -0.16{col 46}{space 3}0.870{col 54}{space 4}-.0863715{col 67}{space 3} .0730447
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .0573548{col 26}{space 2} .0531835{col 37}{space 1}    1.08{col 46}{space 3}0.281{col 54}{space 4}-.0471059{col 67}{space 3} .1618155
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.3709712{col 26}{space 2} .2368626{col 37}{space 1}   -1.57{col 46}{space 3}0.118{col 54}{space 4}-.8362065{col 67}{space 3} .0942641
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0063681{col 26}{space 2} .0444768{col 37}{space 1}   -0.14{col 46}{space 3}0.886{col 54}{space 4}-.0937274{col 67}{space 3} .0809913
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-.0977477{col 26}{space 2} .1200649{col 37}{space 1}   -0.81{col 46}{space 3}0.416{col 54}{space 4} -.333574{col 67}{space 3} .1380787
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0123669{col 26}{space 2} .0399551{col 37}{space 1}   -0.31{col 46}{space 3}0.757{col 54}{space 4} -.090845{col 67}{space 3} .0661112
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0377709{col 26}{space 2} .0392685{col 37}{space 1}    0.96{col 46}{space 3}0.337{col 54}{space 4}-.0393586{col 67}{space 3} .1149004
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0328672{col 26}{space 2} .0418638{col 37}{space 1}    0.79{col 46}{space 3}0.433{col 54}{space 4}-.0493599{col 67}{space 3} .1150942
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0255951{col 26}{space 2} .0703303{col 37}{space 1}   -0.36{col 46}{space 3}0.716{col 54}{space 4}-.1637349{col 67}{space 3} .1125446
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0241183{col 26}{space 2} .0391405{col 37}{space 1}   -0.62{col 46}{space 3}0.538{col 54}{space 4}-.1009964{col 67}{space 3} .0527598
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .1691746{col 26}{space 2} .0548947{col 37}{space 1}    3.08{col 46}{space 3}0.002{col 54}{space 4} .0613528{col 67}{space 3} .2769963
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0275514{col 26}{space 2} .0411046{col 37}{space 1}    0.67{col 46}{space 3}0.503{col 54}{space 4}-.0531846{col 67}{space 3} .1082873
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0604222{col 26}{space 2} .0650861{col 37}{space 1}    0.93{col 46}{space 3}0.354{col 54}{space 4}-.0674171{col 67}{space 3} .1882616
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .1776151{col 26}{space 2} .0792497{col 37}{space 1}    2.24{col 46}{space 3}0.025{col 54}{space 4} .0219562{col 67}{space 3}  .333274
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .1748217{col 26}{space 2} .1072604{col 37}{space 1}    1.63{col 46}{space 3}0.104{col 54}{space 4}-.0358546{col 67}{space 3}  .385498
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0599134{col 26}{space 2}  .037817{col 37}{space 1}    1.58{col 46}{space 3}0.114{col 54}{space 4}-.0143652{col 67}{space 3} .1341919
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.0127386{col 26}{space 2} .0693637{col 37}{space 1}   -0.18{col 46}{space 3}0.854{col 54}{space 4}-.1489799{col 67}{space 3} .1235026
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.1110957{col 26}{space 2} .1045235{col 37}{space 1}   -1.06{col 46}{space 3}0.288{col 54}{space 4}-.3163964{col 67}{space 3} .0942049
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .0794747{col 26}{space 2} .0902298{col 37}{space 1}    0.88{col 46}{space 3}0.379{col 54}{space 4}-.0977507{col 67}{space 3} .2567001
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .0510786{col 26}{space 2} .0710753{col 37}{space 1}    0.72{col 46}{space 3}0.473{col 54}{space 4}-.0885244{col 67}{space 3} .1906816
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .1359632{col 26}{space 2} .0427403{col 37}{space 1}    3.18{col 46}{space 3}0.002{col 54}{space 4} .0520144{col 67}{space 3} .2199119
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.0542966{col 26}{space 2} .1728448{col 37}{space 1}   -0.31{col 46}{space 3}0.754{col 54}{space 4}-.3937908{col 67}{space 3} .2851977
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .0757045{col 26}{space 2} .1167329{col 37}{space 1}    0.65{col 46}{space 3}0.517{col 54}{space 4}-.1535773{col 67}{space 3} .3049862
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.1142014{col 26}{space 2} .1412818{col 37}{space 1}   -0.81{col 46}{space 3}0.419{col 54}{space 4}-.3917009{col 67}{space 3} .1632982
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .2204148{col 26}{space 2} .0421767{col 37}{space 1}    5.23{col 46}{space 3}0.000{col 54}{space 4} .1375732{col 67}{space 3} .3032564
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.1150899{col 26}{space 2} .1023304{col 37}{space 1}   -1.12{col 46}{space 3}0.261{col 54}{space 4} -.316083{col 67}{space 3} .0859031
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6968478{col 26}{space 2} .0130933{col 37}{space 1}  -53.22{col 46}{space 3}0.000{col 54}{space 4} -.722565{col 67}{space 3}-.6711305
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6951426{col 26}{space 2}  .016657{col 37}{space 1}  -41.73{col 46}{space 3}0.000{col 54}{space 4}-.7278597{col 67}{space 3}-.6624256
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6314534{col 26}{space 2}  .012729{col 37}{space 1}  -49.61{col 46}{space 3}0.000{col 54}{space 4} -.656455{col 67}{space 3}-.6064517
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7182567{col 26}{space 2} .0119568{col 37}{space 1}  -60.07{col 46}{space 3}0.000{col 54}{space 4}-.7417417{col 67}{space 3}-.6947718
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7128289{col 26}{space 2} .0173009{col 37}{space 1}  -41.20{col 46}{space 3}0.000{col 54}{space 4}-.7468105{col 67}{space 3}-.6788473
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}  -.64164{col 26}{space 2} .0194883{col 37}{space 1}  -32.92{col 46}{space 3}0.000{col 54}{space 4}-.6799182{col 67}{space 3}-.6033618
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8019807{col 26}{space 2} .0164726{col 37}{space 1}  -48.69{col 46}{space 3}0.000{col 54}{space 4}-.8343356{col 67}{space 3}-.7696259
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.412763{col 26}{space 2} .3083621{col 37}{space 1}   11.07{col 46}{space 3}0.000{col 54}{space 4} 2.807092{col 67}{space 3} 4.018435
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (568 categories)

{com}. xi: areg roe eceIntangible ece intangible logassets age effic leverage iasq lnassetssq agesq levsq efficsq i.province_id i.year if jv==0, absorb(sector_id) cluster(sector_id) 
{txt}i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{col 56}{help j_robustsingular:F( 43, 567)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.2074
{txt}{col 56}Adj R-squared ={res}  0.1748
{txt}{col 56}Root MSE      = {res} .52316

{txt}{ralign 78:(Std. Err. adjusted for {res:568} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
eceIntangi~e {c |}{col 14}{res}{space 2} 2.59e-06{col 26}{space 2} 3.41e-06{col 37}{space 1}    0.76{col 46}{space 3}0.448{col 54}{space 4}-4.11e-06{col 67}{space 3} 9.29e-06
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0019993{col 26}{space 2} .0146943{col 37}{space 1}    0.14{col 46}{space 3}0.892{col 54}{space 4}-.0268626{col 67}{space 3} .0308611
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0000127{col 26}{space 2} 4.06e-06{col 37}{space 1}   -3.13{col 46}{space 3}0.002{col 54}{space 4}-.0000207{col 67}{space 3}-4.73e-06
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.3456372{col 26}{space 2} .0727978{col 37}{space 1}   -4.75{col 46}{space 3}0.000{col 54}{space 4}-.4886236{col 67}{space 3}-.2026509
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0978422{col 26}{space 2} .0043909{col 37}{space 1}  -22.28{col 46}{space 3}0.000{col 54}{space 4}-.1064667{col 67}{space 3}-.0892177
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2648741{col 26}{space 2} .0830689{col 37}{space 1}   -3.19{col 46}{space 3}0.002{col 54}{space 4}-.4280344{col 67}{space 3}-.1017138
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0145119{col 26}{space 2} .0725123{col 37}{space 1}    0.20{col 46}{space 3}0.841{col 54}{space 4}-.1279136{col 67}{space 3} .1569374
{txt}{space 8}iasq {c |}{col 14}{res}{space 2} 6.96e-10{col 26}{space 2} 1.51e-10{col 37}{space 1}    4.62{col 46}{space 3}0.000{col 54}{space 4} 4.00e-10{col 67}{space 3} 9.92e-10
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0152617{col 26}{space 2} .0035283{col 37}{space 1}    4.33{col 46}{space 3}0.000{col 54}{space 4} .0083315{col 67}{space 3} .0221918
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0050809{col 26}{space 2} .0003034{col 37}{space 1}   16.74{col 46}{space 3}0.000{col 54}{space 4} .0044849{col 67}{space 3} .0056769
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}  .220007{col 26}{space 2} .0828553{col 37}{space 1}    2.66{col 46}{space 3}0.008{col 54}{space 4} .0572663{col 67}{space 3} .3827478
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 2.69e-07{col 26}{space 2} 1.08e-07{col 37}{space 1}    2.49{col 46}{space 3}0.013{col 54}{space 4} 5.71e-08{col 67}{space 3} 4.81e-07
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0357155{col 26}{space 2} .0490953{col 37}{space 1}   -0.73{col 46}{space 3}0.467{col 54}{space 4}-.1321464{col 67}{space 3} .0607153
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}  .054513{col 26}{space 2} .0671572{col 37}{space 1}    0.81{col 46}{space 3}0.417{col 54}{space 4}-.0773942{col 67}{space 3} .1864202
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.5528551{col 26}{space 2} .4795938{col 37}{space 1}   -1.15{col 46}{space 3}0.249{col 54}{space 4}-1.494852{col 67}{space 3} .3891424
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0262147{col 26}{space 2} .0531432{col 37}{space 1}   -0.49{col 46}{space 3}0.622{col 54}{space 4}-.1305963{col 67}{space 3} .0781669
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} -.227435{col 26}{space 2} .1864241{col 37}{space 1}   -1.22{col 46}{space 3}0.223{col 54}{space 4}-.5936011{col 67}{space 3} .1387311
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0241692{col 26}{space 2} .0482602{col 37}{space 1}   -0.50{col 46}{space 3}0.617{col 54}{space 4}-.1189597{col 67}{space 3} .0706214
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0268771{col 26}{space 2} .0479557{col 37}{space 1}    0.56{col 46}{space 3}0.575{col 54}{space 4}-.0673155{col 67}{space 3} .1210696
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0290635{col 26}{space 2}  .048861{col 37}{space 1}    0.59{col 46}{space 3}0.552{col 54}{space 4}-.0669071{col 67}{space 3} .1250341
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0762284{col 26}{space 2} .0830953{col 37}{space 1}   -0.92{col 46}{space 3}0.359{col 54}{space 4}-.2394406{col 67}{space 3} .0869839
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0396505{col 26}{space 2}  .047513{col 37}{space 1}   -0.83{col 46}{space 3}0.404{col 54}{space 4}-.1329735{col 67}{space 3} .0536725
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .1487464{col 26}{space 2} .0727345{col 37}{space 1}    2.05{col 46}{space 3}0.041{col 54}{space 4} .0058846{col 67}{space 3} .2916083
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0110975{col 26}{space 2} .0507065{col 37}{space 1}    0.22{col 46}{space 3}0.827{col 54}{space 4} -.088498{col 67}{space 3} .1106929
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0807218{col 26}{space 2} .0788915{col 37}{space 1}    1.02{col 46}{space 3}0.307{col 54}{space 4}-.0742334{col 67}{space 3}  .235677
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .1999258{col 26}{space 2} .0854265{col 37}{space 1}    2.34{col 46}{space 3}0.020{col 54}{space 4} .0321347{col 67}{space 3} .3677169
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .2022924{col 26}{space 2} .1185572{col 37}{space 1}    1.71{col 46}{space 3}0.089{col 54}{space 4}-.0305725{col 67}{space 3} .4351574
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0486007{col 26}{space 2} .0463084{col 37}{space 1}    1.05{col 46}{space 3}0.294{col 54}{space 4}-.0423564{col 67}{space 3} .1395577
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.0513891{col 26}{space 2} .0831022{col 37}{space 1}   -0.62{col 46}{space 3}0.537{col 54}{space 4}-.2146148{col 67}{space 3} .1118367
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.1026005{col 26}{space 2} .1397899{col 37}{space 1}   -0.73{col 46}{space 3}0.463{col 54}{space 4}-.3771697{col 67}{space 3} .1719688
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .0990753{col 26}{space 2} .0984675{col 37}{space 1}    1.01{col 46}{space 3}0.315{col 54}{space 4}-.0943303{col 67}{space 3}  .292481
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .0087847{col 26}{space 2} .0892161{col 37}{space 1}    0.10{col 46}{space 3}0.922{col 54}{space 4}-.1664497{col 67}{space 3} .1840191
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .1358055{col 26}{space 2} .0510766{col 37}{space 1}    2.66{col 46}{space 3}0.008{col 54}{space 4}  .035483{col 67}{space 3}  .236128
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}  -.09465{col 26}{space 2} .1902031{col 37}{space 1}   -0.50{col 46}{space 3}0.619{col 54}{space 4}-.4682388{col 67}{space 3} .2789388
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .1030451{col 26}{space 2} .1229883{col 37}{space 1}    0.84{col 46}{space 3}0.402{col 54}{space 4}-.1385231{col 67}{space 3} .3446133
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.1491282{col 26}{space 2} .1750013{col 37}{space 1}   -0.85{col 46}{space 3}0.394{col 54}{space 4}-.4928581{col 67}{space 3} .1946018
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .5889624{col 26}{space 2} .0530981{col 37}{space 1}   11.09{col 46}{space 3}0.000{col 54}{space 4} .4846694{col 67}{space 3} .6932554
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.2008433{col 26}{space 2} .1319352{col 37}{space 1}   -1.52{col 46}{space 3}0.128{col 54}{space 4}-.4599847{col 67}{space 3} .0582982
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6366398{col 26}{space 2} .0169708{col 37}{space 1}  -37.51{col 46}{space 3}0.000{col 54}{space 4} -.669973{col 67}{space 3}-.6033065
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2} -.726004{col 26}{space 2} .0201345{col 37}{space 1}  -36.06{col 46}{space 3}0.000{col 54}{space 4}-.7655513{col 67}{space 3}-.6864567
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6140331{col 26}{space 2} .0145425{col 37}{space 1}  -42.22{col 46}{space 3}0.000{col 54}{space 4}-.6425968{col 67}{space 3}-.5854694
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6980633{col 26}{space 2} .0151599{col 37}{space 1}  -46.05{col 46}{space 3}0.000{col 54}{space 4}-.7278398{col 67}{space 3}-.6682869
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7012534{col 26}{space 2} .0226016{col 37}{space 1}  -31.03{col 46}{space 3}0.000{col 54}{space 4}-.7456464{col 67}{space 3}-.6568603
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6382622{col 26}{space 2} .0236378{col 37}{space 1}  -27.00{col 46}{space 3}0.000{col 54}{space 4}-.6846905{col 67}{space 3}-.5918339
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7921147{col 26}{space 2} .0221686{col 37}{space 1}  -35.73{col 46}{space 3}0.000{col 54}{space 4}-.8356574{col 67}{space 3}-.7485721
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.147584{col 26}{space 2} .3725986{col 37}{space 1}    8.45{col 46}{space 3}0.000{col 54}{space 4} 2.415742{col 67}{space 3} 3.879426
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (568 categories)

{com}. 
{txt}end of do-file

{com}. do "/tmp/yqi306/SD16011.000000"
{txt}
{com}. ** Explore the mechanisms of dynamic inefficiency
. 
. * Table 6: Showing the significant negative correlation between ece and intangibles/human capital.
. 
. xi: areg intangible logassets effic leverage age ece i.year i.province_id if jv==1, absorb(sector_id) cluster(sector_id)
{txt}i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{txt}{col 56}F({res} 40{txt},{res}   563{txt}) ={res}  106.14
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.5060
{txt}{col 56}Adj R-squared ={res}  0.4731
{txt}{col 56}Root MSE      = {res} 3076.2

{txt}{ralign 78:(Std. Err. adjusted for {res:564} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}  intangible{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}logassets {c |}{col 14}{res}{space 2} 1583.922{col 26}{space 2} 142.2621{col 37}{space 1}   11.13{col 46}{space 3}0.000{col 54}{space 4} 1304.493{col 67}{space 3} 1863.352
{txt}{space 7}effic {c |}{col 14}{res}{space 2} 2804.294{col 26}{space 2} 1104.113{col 37}{space 1}    2.54{col 46}{space 3}0.011{col 54}{space 4} 635.6104{col 67}{space 3} 4972.977
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-180.4739{col 26}{space 2} 249.8296{col 37}{space 1}   -0.72{col 46}{space 3}0.470{col 54}{space 4}-671.1858{col 67}{space 3} 310.2381
{txt}{space 9}age {c |}{col 14}{res}{space 2}-65.02845{col 26}{space 2} 21.53558{col 37}{space 1}   -3.02{col 46}{space 3}0.003{col 54}{space 4}-107.3283{col 67}{space 3}-22.72855
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-781.9135{col 26}{space 2}  153.314{col 37}{space 1}   -5.10{col 46}{space 3}0.000{col 54}{space 4}-1083.051{col 67}{space 3}-480.7763
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} 53.40872{col 26}{space 2} 97.36209{col 37}{space 1}    0.55{col 46}{space 3}0.584{col 54}{space 4}-137.8286{col 67}{space 3}  244.646
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-25.26311{col 26}{space 2} 106.3363{col 37}{space 1}   -0.24{col 46}{space 3}0.812{col 54}{space 4}-234.1275{col 67}{space 3} 183.6012
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} 127.2671{col 26}{space 2} 118.8966{col 37}{space 1}    1.07{col 46}{space 3}0.285{col 54}{space 4}-106.2679{col 67}{space 3} 360.8022
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}  -45.973{col 26}{space 2}   137.46{col 37}{space 1}   -0.33{col 46}{space 3}0.738{col 54}{space 4}  -315.97{col 67}{space 3}  224.024
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} 137.6987{col 26}{space 2} 210.0341{col 37}{space 1}    0.66{col 46}{space 3}0.512{col 54}{space 4}-274.8475{col 67}{space 3} 550.2449
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2} 192.1753{col 26}{space 2} 228.1729{col 37}{space 1}    0.84{col 46}{space 3}0.400{col 54}{space 4}-255.9989{col 67}{space 3} 640.3495
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} 118.8346{col 26}{space 2} 238.1927{col 37}{space 1}    0.50{col 46}{space 3}0.618{col 54}{space 4}-349.0204{col 67}{space 3} 586.6896
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} 2286.151{col 26}{space 2} 991.1039{col 37}{space 1}    2.31{col 46}{space 3}0.021{col 54}{space 4} 339.4384{col 67}{space 3} 4232.864
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} 217.8716{col 26}{space 2}  569.068{col 37}{space 1}    0.38{col 46}{space 3}0.702{col 54}{space 4}-899.8841{col 67}{space 3} 1335.627
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} 418.1035{col 26}{space 2} 707.3216{col 37}{space 1}    0.59{col 46}{space 3}0.555{col 54}{space 4} -971.208{col 67}{space 3} 1807.415
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2} 108.1646{col 26}{space 2} 798.3365{col 37}{space 1}    0.14{col 46}{space 3}0.892{col 54}{space 4}-1459.917{col 67}{space 3} 1676.246
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} 215.1476{col 26}{space 2} 598.9062{col 37}{space 1}    0.36{col 46}{space 3}0.720{col 54}{space 4}-961.2159{col 67}{space 3} 1391.511
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-662.8563{col 26}{space 2} 822.6265{col 37}{space 1}   -0.81{col 46}{space 3}0.421{col 54}{space 4}-2278.648{col 67}{space 3} 952.9357
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-402.0878{col 26}{space 2} 563.4055{col 37}{space 1}   -0.71{col 46}{space 3}0.476{col 54}{space 4}-1508.721{col 67}{space 3} 704.5456
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}   581.81{col 26}{space 2} 591.1492{col 37}{space 1}    0.98{col 46}{space 3}0.325{col 54}{space 4}-579.3174{col 67}{space 3} 1742.937
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} 359.7824{col 26}{space 2} 576.5033{col 37}{space 1}    0.62{col 46}{space 3}0.533{col 54}{space 4}-772.5775{col 67}{space 3} 1492.142
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} 198.3976{col 26}{space 2} 671.4458{col 37}{space 1}    0.30{col 46}{space 3}0.768{col 54}{space 4}-1120.447{col 67}{space 3} 1517.242
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} 340.9308{col 26}{space 2} 561.9207{col 37}{space 1}    0.61{col 46}{space 3}0.544{col 54}{space 4}-762.7863{col 67}{space 3} 1444.648
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} 917.4222{col 26}{space 2} 763.7494{col 37}{space 1}    1.20{col 46}{space 3}0.230{col 54}{space 4}-582.7241{col 67}{space 3} 2417.569
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} -35.9699{col 26}{space 2} 573.3853{col 37}{space 1}   -0.06{col 46}{space 3}0.950{col 54}{space 4}-1162.206{col 67}{space 3} 1090.266
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} 289.5969{col 26}{space 2} 887.2676{col 37}{space 1}    0.33{col 46}{space 3}0.744{col 54}{space 4}-1453.162{col 67}{space 3} 2032.356
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} 82.29006{col 26}{space 2} 683.6844{col 37}{space 1}    0.12{col 46}{space 3}0.904{col 54}{space 4}-1260.594{col 67}{space 3} 1425.174
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} 1116.437{col 26}{space 2} 928.6797{col 37}{space 1}    1.20{col 46}{space 3}0.230{col 54}{space 4}-707.6628{col 67}{space 3} 2940.537
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-149.5957{col 26}{space 2} 560.7729{col 37}{space 1}   -0.27{col 46}{space 3}0.790{col 54}{space 4}-1251.058{col 67}{space 3}  951.867
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} 761.1117{col 26}{space 2} 650.2098{col 37}{space 1}    1.17{col 46}{space 3}0.242{col 54}{space 4}-516.0217{col 67}{space 3} 2038.245
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} 2631.366{col 26}{space 2} 2829.828{col 37}{space 1}    0.93{col 46}{space 3}0.353{col 54}{space 4}-2926.944{col 67}{space 3} 8189.675
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} 736.1386{col 26}{space 2} 584.8545{col 37}{space 1}    1.26{col 46}{space 3}0.209{col 54}{space 4}-412.6248{col 67}{space 3} 1884.902
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} 2176.982{col 26}{space 2} 1116.873{col 37}{space 1}    1.95{col 46}{space 3}0.052{col 54}{space 4}-16.76463{col 67}{space 3}  4370.73
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} 982.7353{col 26}{space 2} 614.3859{col 37}{space 1}    1.60{col 46}{space 3}0.110{col 54}{space 4}-224.0331{col 67}{space 3} 2189.504
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-903.1484{col 26}{space 2} 599.4902{col 37}{space 1}   -1.51{col 46}{space 3}0.132{col 54}{space 4}-2080.659{col 67}{space 3} 274.3621
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-463.5871{col 26}{space 2} 883.4618{col 37}{space 1}   -0.52{col 46}{space 3}0.600{col 54}{space 4}-2198.871{col 67}{space 3} 1271.697
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-2758.687{col 26}{space 2} 1118.149{col 37}{space 1}   -2.47{col 46}{space 3}0.014{col 54}{space 4}-4954.941{col 67}{space 3}-562.4329
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} 1520.667{col 26}{space 2}   914.36{col 37}{space 1}    1.66{col 46}{space 3}0.097{col 54}{space 4}-275.3066{col 67}{space 3}  3316.64
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2}-74.59772{col 26}{space 2} 1124.339{col 37}{space 1}   -0.07{col 46}{space 3}0.947{col 54}{space 4} -2283.01{col 67}{space 3} 2133.815
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-190.3495{col 26}{space 2} 718.3005{col 37}{space 1}   -0.26{col 46}{space 3}0.791{col 54}{space 4}-1601.226{col 67}{space 3} 1220.527
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-14076.42{col 26}{space 2} 1462.594{col 37}{space 1}   -9.62{col 46}{space 3}0.000{col 54}{space 4}-16949.23{col 67}{space 3}-11203.61
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (564 categories)

{com}. estimates store iajv
{txt}
{com}. xi: areg intangible logassets effic leverage age ece i.year i.province_id if jv==0, absorb(sector_id) cluster(sector_id)
{txt}i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{col 56}{help j_robustsingular:F( 36, 567)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3873
{txt}{col 56}Adj R-squared ={res}  0.3625
{txt}{col 56}Root MSE      = {res} 2315.3

{txt}{ralign 78:(Std. Err. adjusted for {res:568} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}  intangible{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}logassets {c |}{col 14}{res}{space 2} 1139.851{col 26}{space 2} 66.55678{col 37}{space 1}   17.13{col 46}{space 3}0.000{col 54}{space 4} 1009.123{col 67}{space 3} 1270.579
{txt}{space 7}effic {c |}{col 14}{res}{space 2} 1840.929{col 26}{space 2} 433.2506{col 37}{space 1}    4.25{col 46}{space 3}0.000{col 54}{space 4} 989.9568{col 67}{space 3} 2691.901
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-285.3527{col 26}{space 2} 121.0569{col 37}{space 1}   -2.36{col 46}{space 3}0.019{col 54}{space 4}-523.1275{col 67}{space 3}-47.57798
{txt}{space 9}age {c |}{col 14}{res}{space 2}-40.70271{col 26}{space 2} 9.991412{col 37}{space 1}   -4.07{col 46}{space 3}0.000{col 54}{space 4}-60.32741{col 67}{space 3}-21.07801
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-157.1839{col 26}{space 2} 105.4507{col 37}{space 1}   -1.49{col 46}{space 3}0.137{col 54}{space 4}-364.3055{col 67}{space 3}  49.9378
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} 102.0498{col 26}{space 2} 62.61342{col 37}{space 1}    1.63{col 46}{space 3}0.104{col 54}{space 4}-20.93279{col 67}{space 3} 225.0323
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-31.68784{col 26}{space 2} 68.22069{col 37}{space 1}   -0.46{col 46}{space 3}0.642{col 54}{space 4} -165.684{col 67}{space 3} 102.3083
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} 13.33364{col 26}{space 2} 67.24636{col 37}{space 1}    0.20{col 46}{space 3}0.843{col 54}{space 4}-118.7488{col 67}{space 3}  145.416
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-6.567117{col 26}{space 2}   63.087{col 37}{space 1}   -0.10{col 46}{space 3}0.917{col 54}{space 4}-130.4799{col 67}{space 3} 117.3456
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} 104.8388{col 26}{space 2} 106.0174{col 37}{space 1}    0.99{col 46}{space 3}0.323{col 54}{space 4}-103.3959{col 67}{space 3} 313.0736
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2} 169.8453{col 26}{space 2} 111.8817{col 37}{space 1}    1.52{col 46}{space 3}0.130{col 54}{space 4}-49.90785{col 67}{space 3} 389.5985
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} 102.4984{col 26}{space 2} 118.3723{col 37}{space 1}    0.87{col 46}{space 3}0.387{col 54}{space 4}-130.0034{col 67}{space 3} 335.0001
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} 221.5027{col 26}{space 2} 395.5331{col 37}{space 1}    0.56{col 46}{space 3}0.576{col 54}{space 4}-555.3862{col 67}{space 3} 998.3917
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} 230.9805{col 26}{space 2} 445.4495{col 37}{space 1}    0.52{col 46}{space 3}0.604{col 54}{space 4} -643.952{col 67}{space 3} 1105.913
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} 289.3571{col 26}{space 2} 393.4675{col 37}{space 1}    0.74{col 46}{space 3}0.462{col 54}{space 4}-483.4747{col 67}{space 3} 1062.189
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} 540.0945{col 26}{space 2} 424.3351{col 37}{space 1}    1.27{col 46}{space 3}0.204{col 54}{space 4}-293.3661{col 67}{space 3} 1373.555
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-448.3817{col 26}{space 2} 642.2168{col 37}{space 1}   -0.70{col 46}{space 3}0.485{col 54}{space 4}-1709.796{col 67}{space 3} 813.0328
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} 338.5732{col 26}{space 2} 405.4395{col 37}{space 1}    0.84{col 46}{space 3}0.404{col 54}{space 4}-457.7735{col 67}{space 3}  1134.92
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} 642.6603{col 26}{space 2} 389.5342{col 37}{space 1}    1.65{col 46}{space 3}0.100{col 54}{space 4}-122.4458{col 67}{space 3} 1407.766
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} 517.7319{col 26}{space 2} 406.5468{col 37}{space 1}    1.27{col 46}{space 3}0.203{col 54}{space 4}-280.7897{col 67}{space 3} 1316.254
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} 165.0592{col 26}{space 2} 475.4751{col 37}{space 1}    0.35{col 46}{space 3}0.729{col 54}{space 4}-768.8484{col 67}{space 3} 1098.967
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} 380.5432{col 26}{space 2} 384.2967{col 37}{space 1}    0.99{col 46}{space 3}0.322{col 54}{space 4}-374.2758{col 67}{space 3} 1135.362
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} 952.0254{col 26}{space 2} 749.0627{col 37}{space 1}    1.27{col 46}{space 3}0.204{col 54}{space 4} -519.251{col 67}{space 3} 2423.302
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-301.9473{col 26}{space 2} 392.3269{col 37}{space 1}   -0.77{col 46}{space 3}0.442{col 54}{space 4}-1072.539{col 67}{space 3} 468.6443
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} 61.13044{col 26}{space 2} 466.6909{col 37}{space 1}    0.13{col 46}{space 3}0.896{col 54}{space 4}-855.5235{col 67}{space 3} 977.7844
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-146.0351{col 26}{space 2} 990.5368{col 37}{space 1}   -0.15{col 46}{space 3}0.883{col 54}{space 4}-2091.604{col 67}{space 3} 1799.534
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} 107.1391{col 26}{space 2} 477.8895{col 37}{space 1}    0.22{col 46}{space 3}0.823{col 54}{space 4}-831.5107{col 67}{space 3} 1045.789
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} 197.3357{col 26}{space 2} 379.5648{col 37}{space 1}    0.52{col 46}{space 3}0.603{col 54}{space 4}-548.1891{col 67}{space 3} 942.8604
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-206.6841{col 26}{space 2} 500.7595{col 37}{space 1}   -0.41{col 46}{space 3}0.680{col 54}{space 4}-1190.254{col 67}{space 3} 776.8861
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} 762.4339{col 26}{space 2} 1026.523{col 37}{space 1}    0.74{col 46}{space 3}0.458{col 54}{space 4}-1253.818{col 67}{space 3} 2778.686
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-165.6335{col 26}{space 2} 409.1359{col 37}{space 1}   -0.40{col 46}{space 3}0.686{col 54}{space 4}-969.2405{col 67}{space 3} 637.9735
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}  621.919{col 26}{space 2} 671.6448{col 37}{space 1}    0.93{col 46}{space 3}0.355{col 54}{space 4}-697.2966{col 67}{space 3} 1941.135
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} 455.0927{col 26}{space 2} 438.7457{col 37}{space 1}    1.04{col 46}{space 3}0.300{col 54}{space 4}-406.6727{col 67}{space 3} 1316.858
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} 468.2376{col 26}{space 2} 559.6358{col 37}{space 1}    0.84{col 46}{space 3}0.403{col 54}{space 4}-630.9748{col 67}{space 3}  1567.45
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} 7772.741{col 26}{space 2} 4269.175{col 37}{space 1}    1.82{col 46}{space 3}0.069{col 54}{space 4} -612.588{col 67}{space 3} 16158.07
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-1006.587{col 26}{space 2} 968.3249{col 37}{space 1}   -1.04{col 46}{space 3}0.299{col 54}{space 4}-2908.529{col 67}{space 3}  895.355
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} -234.456{col 26}{space 2} 442.5949{col 37}{space 1}   -0.53{col 46}{space 3}0.597{col 54}{space 4}-1103.782{col 67}{space 3} 634.8697
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} -1587.16{col 26}{space 2} 743.6207{col 37}{space 1}   -2.13{col 46}{space 3}0.033{col 54}{space 4}-3047.748{col 67}{space 3}-126.5725
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-10277.81{col 26}{space 2} 791.5307{col 37}{space 1}  -12.98{col 46}{space 3}0.000{col 54}{space 4} -11832.5{col 67}{space 3}-8723.123
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (568 categories)

{com}. estimates store ia
{txt}
{com}. 
. xi: areg wageav logassets effic leverage age ece i.year i.province_id if jv==1, absorb(sector_id) cluster(sector_id)
{txt}i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    9652
{txt}{col 56}F({res} 40{txt},{res}   563{txt}) ={res}   23.33
{txt}{col 56}Prob > F      ={res}  0.0000
{txt}{col 56}R-squared     ={res}  0.3038
{txt}{col 56}Adj R-squared ={res}  0.2574
{txt}{col 56}Root MSE      = {res} 8.3706

{txt}{ralign 78:(Std. Err. adjusted for {res:564} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}      wageav{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}logassets {c |}{col 14}{res}{space 2} 1.165966{col 26}{space 2}   .15714{col 37}{space 1}    7.42{col 46}{space 3}0.000{col 54}{space 4} .8573142{col 67}{space 3} 1.474619
{txt}{space 7}effic {c |}{col 14}{res}{space 2} 10.78947{col 26}{space 2} 1.484577{col 37}{space 1}    7.27{col 46}{space 3}0.000{col 54}{space 4} 7.873487{col 67}{space 3} 13.70546
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .6156437{col 26}{space 2} .5849936{col 37}{space 1}    1.05{col 46}{space 3}0.293{col 54}{space 4}-.5333928{col 67}{space 3}  1.76468
{txt}{space 9}age {c |}{col 14}{res}{space 2} .0258542{col 26}{space 2} .0366894{col 37}{space 1}    0.70{col 46}{space 3}0.481{col 54}{space 4}-.0462105{col 67}{space 3}  .097919
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.9466323{col 26}{space 2}  .310307{col 37}{space 1}   -3.05{col 46}{space 3}0.002{col 54}{space 4}-1.556133{col 67}{space 3}-.3371314
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-4.623071{col 26}{space 2}  .966057{col 37}{space 1}   -4.79{col 46}{space 3}0.000{col 54}{space 4}-6.520587{col 67}{space 3}-2.725555
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-4.464705{col 26}{space 2} 1.014672{col 37}{space 1}   -4.40{col 46}{space 3}0.000{col 54}{space 4}-6.457711{col 67}{space 3}-2.471699
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-3.580045{col 26}{space 2} .9735395{col 37}{space 1}   -3.68{col 46}{space 3}0.000{col 54}{space 4}-5.492258{col 67}{space 3}-1.667832
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-3.079466{col 26}{space 2} .9646723{col 37}{space 1}   -3.19{col 46}{space 3}0.001{col 54}{space 4}-4.974263{col 67}{space 3} -1.18467
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-2.667414{col 26}{space 2} 1.006989{col 37}{space 1}   -2.65{col 46}{space 3}0.008{col 54}{space 4}-4.645328{col 67}{space 3}-.6894997
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.9260579{col 26}{space 2} 1.073436{col 37}{space 1}   -0.86{col 46}{space 3}0.389{col 54}{space 4}-3.034487{col 67}{space 3} 1.182371
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} .0690284{col 26}{space 2}  1.06592{col 37}{space 1}    0.06{col 46}{space 3}0.948{col 54}{space 4}-2.024638{col 67}{space 3} 2.162694
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-1.811676{col 26}{space 2} 1.690032{col 37}{space 1}   -1.07{col 46}{space 3}0.284{col 54}{space 4}-5.131213{col 67}{space 3} 1.507862
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-7.453675{col 26}{space 2} 1.670488{col 37}{space 1}   -4.46{col 46}{space 3}0.000{col 54}{space 4}-10.73482{col 67}{space 3}-4.172526
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-5.884643{col 26}{space 2} 1.909992{col 37}{space 1}   -3.08{col 46}{space 3}0.002{col 54}{space 4}-9.636223{col 67}{space 3}-2.133063
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2}-1.932909{col 26}{space 2} 4.627953{col 37}{space 1}   -0.42{col 46}{space 3}0.676{col 54}{space 4}-11.02307{col 67}{space 3} 7.157254
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-6.342111{col 26}{space 2} 1.734821{col 37}{space 1}   -3.66{col 46}{space 3}0.000{col 54}{space 4}-9.749624{col 67}{space 3}-2.934598
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-9.744218{col 26}{space 2}  1.94961{col 37}{space 1}   -5.00{col 46}{space 3}0.000{col 54}{space 4}-13.57361{col 67}{space 3}-5.914821
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}   .30324{col 26}{space 2} 1.666987{col 37}{space 1}    0.18{col 46}{space 3}0.856{col 54}{space 4}-2.971034{col 67}{space 3} 3.577514
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-4.222828{col 26}{space 2} 1.602843{col 37}{space 1}   -2.63{col 46}{space 3}0.009{col 54}{space 4}-7.371112{col 67}{space 3}-1.074545
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-2.965939{col 26}{space 2} 1.666662{col 37}{space 1}   -1.78{col 46}{space 3}0.076{col 54}{space 4}-6.239574{col 67}{space 3} .3076948
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-5.870395{col 26}{space 2} 2.116806{col 37}{space 1}   -2.77{col 46}{space 3}0.006{col 54}{space 4} -10.0282{col 67}{space 3}-1.712593
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-1.599625{col 26}{space 2} 1.776586{col 37}{space 1}   -0.90{col 46}{space 3}0.368{col 54}{space 4}-5.089173{col 67}{space 3} 1.889922
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2}-7.991117{col 26}{space 2}  2.12607{col 37}{space 1}   -3.76{col 46}{space 3}0.000{col 54}{space 4}-12.16711{col 67}{space 3} -3.81512
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-6.366002{col 26}{space 2} 1.696828{col 37}{space 1}   -3.75{col 46}{space 3}0.000{col 54}{space 4}-9.698889{col 67}{space 3}-3.033115
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-7.696041{col 26}{space 2} 1.940863{col 37}{space 1}   -3.97{col 46}{space 3}0.000{col 54}{space 4}-11.50826{col 67}{space 3}-3.883824
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-6.305701{col 26}{space 2} 1.653871{col 37}{space 1}   -3.81{col 46}{space 3}0.000{col 54}{space 4}-9.554213{col 67}{space 3}-3.057189
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} -7.78508{col 26}{space 2} 1.927643{col 37}{space 1}   -4.04{col 46}{space 3}0.000{col 54}{space 4}-11.57133{col 67}{space 3}-3.998829
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-3.720774{col 26}{space 2} 1.647932{col 37}{space 1}   -2.26{col 46}{space 3}0.024{col 54}{space 4}-6.957619{col 67}{space 3}-.4839289
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-5.832466{col 26}{space 2} 2.996841{col 37}{space 1}   -1.95{col 46}{space 3}0.052{col 54}{space 4}-11.71882{col 67}{space 3} .0538886
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-5.668554{col 26}{space 2} 3.566854{col 37}{space 1}   -1.59{col 46}{space 3}0.113{col 54}{space 4}-12.67452{col 67}{space 3} 1.337412
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-6.715691{col 26}{space 2} 1.679607{col 37}{space 1}   -4.00{col 46}{space 3}0.000{col 54}{space 4}-10.01475{col 67}{space 3} -3.41663
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-7.541355{col 26}{space 2} 1.791849{col 37}{space 1}   -4.21{col 46}{space 3}0.000{col 54}{space 4}-11.06088{col 67}{space 3} -4.02183
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2}-5.097803{col 26}{space 2} 2.020436{col 37}{space 1}   -2.52{col 46}{space 3}0.012{col 54}{space 4}-9.066317{col 67}{space 3}-1.129289
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-9.435494{col 26}{space 2} 2.193969{col 37}{space 1}   -4.30{col 46}{space 3}0.000{col 54}{space 4}-13.74486{col 67}{space 3}-5.126129
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-3.891623{col 26}{space 2} 2.493963{col 37}{space 1}   -1.56{col 46}{space 3}0.119{col 54}{space 4}-8.790231{col 67}{space 3} 1.006985
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-1.112438{col 26}{space 2} 2.515179{col 37}{space 1}   -0.44{col 46}{space 3}0.658{col 54}{space 4}-6.052718{col 67}{space 3} 3.827843
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2}-13.87249{col 26}{space 2}  2.13679{col 37}{space 1}   -6.49{col 46}{space 3}0.000{col 54}{space 4}-18.06954{col 67}{space 3}-9.675436
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2}-4.948913{col 26}{space 2} 1.988574{col 37}{space 1}   -2.49{col 46}{space 3}0.013{col 54}{space 4}-8.854844{col 67}{space 3}-1.042982
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-12.65614{col 26}{space 2} 1.748922{col 37}{space 1}   -7.24{col 46}{space 3}0.000{col 54}{space 4}-16.09135{col 67}{space 3}-9.220932
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 6.804481{col 26}{space 2} 2.271496{col 37}{space 1}    3.00{col 46}{space 3}0.003{col 54}{space 4} 2.342839{col 67}{space 3} 11.26612
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (564 categories)

{com}. estimates store wagejv
{txt}
{com}. xi: areg wageav logassets effic leverage age ece i.year i.province_id if jv==0, absorb(sector_id) cluster(sector_id)
{txt}i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}   15527
{col 56}{help j_robustsingular:F( 36, 567)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.2518
{txt}{col 56}Adj R-squared ={res}  0.2214
{txt}{col 56}Root MSE      = {res} 8.6996

{txt}{ralign 78:(Std. Err. adjusted for {res:568} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}      wageav{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 3}logassets {c |}{col 14}{res}{space 2} .6416147{col 26}{space 2} .1006819{col 37}{space 1}    6.37{col 46}{space 3}0.000{col 54}{space 4} .4438596{col 67}{space 3} .8393699
{txt}{space 7}effic {c |}{col 14}{res}{space 2} 10.92376{col 26}{space 2} 1.287435{col 37}{space 1}    8.48{col 46}{space 3}0.000{col 54}{space 4} 8.395037{col 67}{space 3} 13.45248
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} 1.349667{col 26}{space 2} .3822941{col 37}{space 1}    3.53{col 46}{space 3}0.000{col 54}{space 4} .5987819{col 67}{space 3} 2.100553
{txt}{space 9}age {c |}{col 14}{res}{space 2} .0529285{col 26}{space 2} .0316932{col 37}{space 1}    1.67{col 46}{space 3}0.095{col 54}{space 4}-.0093218{col 67}{space 3} .1151789
{txt}{space 9}ece {c |}{col 14}{res}{space 2} -1.25108{col 26}{space 2} .2975544{col 37}{space 1}   -4.20{col 46}{space 3}0.000{col 54}{space 4}-1.835523{col 67}{space 3}-.6666367
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-12.75625{col 26}{space 2} 1.170232{col 37}{space 1}  -10.90{col 46}{space 3}0.000{col 54}{space 4}-15.05477{col 67}{space 3}-10.45773
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-11.95411{col 26}{space 2} 1.162729{col 37}{space 1}  -10.28{col 46}{space 3}0.000{col 54}{space 4}-14.23789{col 67}{space 3}-9.670326
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-11.49405{col 26}{space 2} 1.180202{col 37}{space 1}   -9.74{col 46}{space 3}0.000{col 54}{space 4}-13.81216{col 67}{space 3}-9.175952
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-10.69379{col 26}{space 2} 1.232782{col 37}{space 1}   -8.67{col 46}{space 3}0.000{col 54}{space 4}-13.11516{col 67}{space 3}-8.272411
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} -10.1087{col 26}{space 2} 1.255837{col 37}{space 1}   -8.05{col 46}{space 3}0.000{col 54}{space 4}-12.57536{col 67}{space 3} -7.64204
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-8.562402{col 26}{space 2} 1.223143{col 37}{space 1}   -7.00{col 46}{space 3}0.000{col 54}{space 4}-10.96485{col 67}{space 3}-6.159957
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-7.469162{col 26}{space 2} 1.263997{col 37}{space 1}   -5.91{col 46}{space 3}0.000{col 54}{space 4} -9.95185{col 67}{space 3}-4.986473
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-5.341839{col 26}{space 2} 1.730828{col 37}{space 1}   -3.09{col 46}{space 3}0.002{col 54}{space 4}-8.741456{col 67}{space 3}-1.942222
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-8.402732{col 26}{space 2} 2.371505{col 37}{space 1}   -3.54{col 46}{space 3}0.000{col 54}{space 4}-13.06074{col 67}{space 3}-3.744726
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-7.884801{col 26}{space 2} 2.016595{col 37}{space 1}   -3.91{col 46}{space 3}0.000{col 54}{space 4}-11.84571{col 67}{space 3}-3.923893
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-9.255029{col 26}{space 2} 1.879705{col 37}{space 1}   -4.92{col 46}{space 3}0.000{col 54}{space 4}-12.94706{col 67}{space 3}-5.562994
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-11.68137{col 26}{space 2} 2.013418{col 37}{space 1}   -5.80{col 46}{space 3}0.000{col 54}{space 4}-15.63604{col 67}{space 3}-7.726699
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-3.432247{col 26}{space 2} 1.691308{col 37}{space 1}   -2.03{col 46}{space 3}0.043{col 54}{space 4}-6.754241{col 67}{space 3}-.1102543
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-6.650835{col 26}{space 2} 1.769576{col 37}{space 1}   -3.76{col 46}{space 3}0.000{col 54}{space 4}-10.12656{col 67}{space 3}-3.175109
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-5.169556{col 26}{space 2} 1.730465{col 37}{space 1}   -2.99{col 46}{space 3}0.003{col 54}{space 4} -8.56846{col 67}{space 3}-1.770652
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-10.35715{col 26}{space 2} 1.679181{col 37}{space 1}   -6.17{col 46}{space 3}0.000{col 54}{space 4}-13.65533{col 67}{space 3}-7.058977
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-4.486788{col 26}{space 2} 1.672409{col 37}{space 1}   -2.68{col 46}{space 3}0.008{col 54}{space 4}-7.771661{col 67}{space 3}-1.201915
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2}-11.78736{col 26}{space 2} 1.757264{col 37}{space 1}   -6.71{col 46}{space 3}0.000{col 54}{space 4}-15.23891{col 67}{space 3}-8.335822
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-9.058606{col 26}{space 2} 1.707924{col 37}{space 1}   -5.30{col 46}{space 3}0.000{col 54}{space 4}-12.41324{col 67}{space 3}-5.703976
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-11.33588{col 26}{space 2} 2.278634{col 37}{space 1}   -4.97{col 46}{space 3}0.000{col 54}{space 4}-15.81148{col 67}{space 3}-6.860286
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-12.97739{col 26}{space 2} 2.722569{col 37}{space 1}   -4.77{col 46}{space 3}0.000{col 54}{space 4}-18.32494{col 67}{space 3}-7.629837
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}-9.967403{col 26}{space 2} 2.193038{col 37}{space 1}   -4.55{col 46}{space 3}0.000{col 54}{space 4}-14.27487{col 67}{space 3}-5.659932
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-8.606316{col 26}{space 2} 1.731664{col 37}{space 1}   -4.97{col 46}{space 3}0.000{col 54}{space 4}-12.00758{col 67}{space 3}-5.205057
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-7.794581{col 26}{space 2} 2.731914{col 37}{space 1}   -2.85{col 46}{space 3}0.004{col 54}{space 4}-13.16049{col 67}{space 3}-2.428674
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-14.71105{col 26}{space 2} 3.053106{col 37}{space 1}   -4.82{col 46}{space 3}0.000{col 54}{space 4}-20.70783{col 67}{space 3}-8.714274
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-10.22498{col 26}{space 2}  3.04922{col 37}{space 1}   -3.35{col 46}{space 3}0.001{col 54}{space 4}-16.21412{col 67}{space 3}-4.235832
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-10.72476{col 26}{space 2} 2.049845{col 37}{space 1}   -5.23{col 46}{space 3}0.000{col 54}{space 4}-14.75098{col 67}{space 3}-6.698546
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2}-7.690881{col 26}{space 2} 1.732982{col 37}{space 1}   -4.44{col 46}{space 3}0.000{col 54}{space 4}-11.09473{col 67}{space 3}-4.287032
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-15.42431{col 26}{space 2} 2.213332{col 37}{space 1}   -6.97{col 46}{space 3}0.000{col 54}{space 4}-19.77164{col 67}{space 3}-11.07698
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} -5.10567{col 26}{space 2} 1.967564{col 37}{space 1}   -2.59{col 46}{space 3}0.010{col 54}{space 4}-8.970274{col 67}{space 3}-1.241066
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-8.453421{col 26}{space 2} 3.611369{col 37}{space 1}   -2.34{col 46}{space 3}0.020{col 54}{space 4}-15.54672{col 67}{space 3}-1.360126
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2}-3.011211{col 26}{space 2} 1.682775{col 37}{space 1}   -1.79{col 46}{space 3}0.074{col 54}{space 4}-6.316446{col 67}{space 3} .2940235
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} -4.65081{col 26}{space 2} 2.929224{col 37}{space 1}   -1.59{col 46}{space 3}0.113{col 54}{space 4}-10.40427{col 67}{space 3} 1.102645
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 22.86521{col 26}{space 2} 2.410791{col 37}{space 1}    9.48{col 46}{space 3}0.000{col 54}{space 4} 18.13004{col 67}{space 3} 27.60038
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (568 categories)

{com}. estimates store wage
{txt}
{com}. 
. 
. 
. * Table 7: Compare ece*age effects within the quintiles of the Intangible levels
. 
.         * Analyses within the intangible=0 JV subsample
. 
. qui xi: areg netmargin eceage ece wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&intangible==0, absorb(sector_id) cluster(sector_id)
{txt}
{com}. est store nm10
{txt}
{com}. xi: areg roa eceage ece wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&intangible==0, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    5348
{col 56}{help j_robustsingular:F( 54, 477)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3201
{txt}{col 56}Adj R-squared ={res}  0.2448
{txt}{col 56}Root MSE      = {res}  .4152

{txt}{ralign 78:(Std. Err. adjusted for {res:478} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0032322{col 26}{space 2} .0246719{col 37}{space 1}   -0.13{col 46}{space 3}0.896{col 54}{space 4}-.0517112{col 67}{space 3} .0452469
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0036683{col 26}{space 2}  .018206{col 37}{space 1}    0.20{col 46}{space 3}0.840{col 54}{space 4}-.0321056{col 67}{space 3} .0394422
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0004241{col 26}{space 2} .0008403{col 37}{space 1}   -0.50{col 46}{space 3}0.614{col 54}{space 4}-.0020753{col 67}{space 3} .0012271
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.4374897{col 26}{space 2} .1173297{col 37}{space 1}   -3.73{col 46}{space 3}0.000{col 54}{space 4}-.6680366{col 67}{space 3}-.2069428
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0714889{col 26}{space 2} .0097676{col 37}{space 1}   -7.32{col 46}{space 3}0.000{col 54}{space 4}-.0906818{col 67}{space 3}-.0522961
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0127723{col 26}{space 2} .1461205{col 37}{space 1}   -0.09{col 46}{space 3}0.930{col 54}{space 4}-.2998918{col 67}{space 3} .2743472
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.2021663{col 26}{space 2} .1287441{col 37}{space 1}   -1.57{col 46}{space 3}0.117{col 54}{space 4}-.4551421{col 67}{space 3} .0508094
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0197278{col 26}{space 2} .0058059{col 37}{space 1}    3.40{col 46}{space 3}0.001{col 54}{space 4} .0083195{col 67}{space 3} .0311362
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0034002{col 26}{space 2} .0006271{col 37}{space 1}    5.42{col 46}{space 3}0.000{col 54}{space 4} .0021681{col 67}{space 3} .0046324
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3295226{col 26}{space 2} .1188891{col 37}{space 1}    2.77{col 46}{space 3}0.006{col 54}{space 4} .0959115{col 67}{space 3} .5631336
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 5.45e-08{col 26}{space 2} 1.98e-07{col 37}{space 1}    0.28{col 46}{space 3}0.783{col 54}{space 4}-3.35e-07{col 67}{space 3} 4.44e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2} 1.27e-07{col 26}{space 2} 3.16e-07{col 37}{space 1}    0.40{col 46}{space 3}0.689{col 54}{space 4}-4.95e-07{col 67}{space 3} 7.48e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0219629{col 26}{space 2} .0097319{col 37}{space 1}   -2.26{col 46}{space 3}0.024{col 54}{space 4}-.0410856{col 67}{space 3}-.0028403
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1730767{col 26}{space 2} .0662002{col 37}{space 1}    2.61{col 46}{space 3}0.009{col 54}{space 4} .0429966{col 67}{space 3} .3031567
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1682773{col 26}{space 2} .0610586{col 37}{space 1}    2.76{col 46}{space 3}0.006{col 54}{space 4} .0483002{col 67}{space 3} .2882545
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .1419126{col 26}{space 2} .0638324{col 37}{space 1}    2.22{col 46}{space 3}0.027{col 54}{space 4} .0164852{col 67}{space 3}   .26734
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .1690241{col 26}{space 2} .0773269{col 37}{space 1}    2.19{col 46}{space 3}0.029{col 54}{space 4} .0170807{col 67}{space 3} .3209676
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1872401{col 26}{space 2} .0648906{col 37}{space 1}    2.89{col 46}{space 3}0.004{col 54}{space 4} .0597334{col 67}{space 3} .3147467
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .1733292{col 26}{space 2} .0632389{col 37}{space 1}    2.74{col 46}{space 3}0.006{col 54}{space 4} .0490679{col 67}{space 3} .2975905
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} .1890831{col 26}{space 2} .1401828{col 37}{space 1}    1.35{col 46}{space 3}0.178{col 54}{space 4} -.086369{col 67}{space 3} .4645352
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1768334{col 26}{space 2} .0611141{col 37}{space 1}    2.89{col 46}{space 3}0.004{col 54}{space 4} .0567473{col 67}{space 3} .2969194
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .2003967{col 26}{space 2} .0615561{col 37}{space 1}    3.26{col 46}{space 3}0.001{col 54}{space 4} .0794421{col 67}{space 3} .3213514
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}  .044013{col 26}{space 2} .0548975{col 37}{space 1}    0.80{col 46}{space 3}0.423{col 54}{space 4}-.0638578{col 67}{space 3} .1518838
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}  .009752{col 26}{space 2} .0526382{col 37}{space 1}    0.19{col 46}{space 3}0.853{col 54}{space 4}-.0936793{col 67}{space 3} .1131834
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.2339954{col 26}{space 2} .1555254{col 37}{space 1}   -1.50{col 46}{space 3}0.133{col 54}{space 4}-.5395951{col 67}{space 3} .0716042
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2} .3686523{col 26}{space 2} .0452512{col 37}{space 1}    8.15{col 46}{space 3}0.000{col 54}{space 4} .2797359{col 67}{space 3} .4575687
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .1101838{col 26}{space 2}  .052538{col 37}{space 1}    2.10{col 46}{space 3}0.037{col 54}{space 4} .0069492{col 67}{space 3} .2134183
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .2111418{col 26}{space 2} .1403205{col 37}{space 1}    1.50{col 46}{space 3}0.133{col 54}{space 4}-.0645809{col 67}{space 3} .4868645
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0102172{col 26}{space 2} .0390421{col 37}{space 1}    0.26{col 46}{space 3}0.794{col 54}{space 4}-.0664986{col 67}{space 3}  .086933
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0580148{col 26}{space 2}  .039575{col 37}{space 1}    1.47{col 46}{space 3}0.143{col 54}{space 4} -.019748{col 67}{space 3} .1357776
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0740283{col 26}{space 2} .0389315{col 37}{space 1}    1.90{col 46}{space 3}0.058{col 54}{space 4}-.0024702{col 67}{space 3} .1505268
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .1270127{col 26}{space 2} .0858265{col 37}{space 1}    1.48{col 46}{space 3}0.140{col 54}{space 4}-.0416321{col 67}{space 3} .2956576
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0090949{col 26}{space 2} .0439501{col 37}{space 1}   -0.21{col 46}{space 3}0.836{col 54}{space 4}-.0954547{col 67}{space 3} .0772648
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .2122947{col 26}{space 2} .1135703{col 37}{space 1}    1.87{col 46}{space 3}0.062{col 54}{space 4}-.0108651{col 67}{space 3} .4354546
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1094135{col 26}{space 2} .0470921{col 37}{space 1}    2.32{col 46}{space 3}0.021{col 54}{space 4} .0168798{col 67}{space 3} .2019471
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0046655{col 26}{space 2} .0584962{col 37}{space 1}    0.08{col 46}{space 3}0.936{col 54}{space 4}-.1102765{col 67}{space 3} .1196076
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .3459297{col 26}{space 2} .1005508{col 37}{space 1}    3.44{col 46}{space 3}0.001{col 54}{space 4} .1483525{col 67}{space 3} .5435069
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} -.035032{col 26}{space 2} .1028478{col 37}{space 1}   -0.34{col 46}{space 3}0.734{col 54}{space 4}-.2371228{col 67}{space 3} .1670587
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0393141{col 26}{space 2} .0400521{col 37}{space 1}    0.98{col 46}{space 3}0.327{col 54}{space 4}-.0393863{col 67}{space 3} .1180145
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .1330079{col 26}{space 2} .0927094{col 37}{space 1}    1.43{col 46}{space 3}0.152{col 54}{space 4}-.0491614{col 67}{space 3} .3151772
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .1065429{col 26}{space 2} .1179632{col 37}{space 1}    0.90{col 46}{space 3}0.367{col 54}{space 4}-.1252489{col 67}{space 3} .3383348
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .0023911{col 26}{space 2} .0897725{col 37}{space 1}    0.03{col 46}{space 3}0.979{col 54}{space 4}-.1740074{col 67}{space 3} .1787895
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1834979{col 26}{space 2} .1408526{col 37}{space 1}   -1.30{col 46}{space 3}0.193{col 54}{space 4}-.4602662{col 67}{space 3} .0932705
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .0013226{col 26}{space 2} .1260043{col 37}{space 1}    0.01{col 46}{space 3}0.992{col 54}{space 4}-.2462695{col 67}{space 3} .2489147
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.1649345{col 26}{space 2} .1201787{col 37}{space 1}   -1.37{col 46}{space 3}0.171{col 54}{space 4}-.4010797{col 67}{space 3} .0712107
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.0295763{col 26}{space 2} .0643502{col 37}{space 1}   -0.46{col 46}{space 3}0.646{col 54}{space 4}-.1560213{col 67}{space 3} .0968687
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.1468668{col 26}{space 2} .1105722{col 37}{space 1}   -1.33{col 46}{space 3}0.185{col 54}{space 4}-.3641356{col 67}{space 3} .0704019
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2}-.4701251{col 26}{space 2} .0510607{col 37}{space 1}   -9.21{col 46}{space 3}0.000{col 54}{space 4}-.5704568{col 67}{space 3}-.3697934
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2} .0743868{col 26}{space 2} .0547763{col 37}{space 1}    1.36{col 46}{space 3}0.175{col 54}{space 4}-.0332458{col 67}{space 3} .1820194
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6875976{col 26}{space 2} .0240256{col 37}{space 1}  -28.62{col 46}{space 3}0.000{col 54}{space 4}-.7348066{col 67}{space 3}-.6403885
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6723455{col 26}{space 2}  .023998{col 37}{space 1}  -28.02{col 46}{space 3}0.000{col 54}{space 4}-.7195003{col 67}{space 3}-.6251907
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} -.572949{col 26}{space 2} .0216756{col 37}{space 1}  -26.43{col 46}{space 3}0.000{col 54}{space 4}-.6155404{col 67}{space 3}-.5303575
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7294285{col 26}{space 2} .0209814{col 37}{space 1}  -34.77{col 46}{space 3}0.000{col 54}{space 4}-.7706558{col 67}{space 3}-.6882012
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7036515{col 26}{space 2} .0231224{col 37}{space 1}  -30.43{col 46}{space 3}0.000{col 54}{space 4}-.7490859{col 67}{space 3}-.6582172
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6209474{col 26}{space 2} .0311033{col 37}{space 1}  -19.96{col 46}{space 3}0.000{col 54}{space 4}-.6820639{col 67}{space 3}-.5598308
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7781251{col 26}{space 2} .0252387{col 37}{space 1}  -30.83{col 46}{space 3}0.000{col 54}{space 4}-.8277178{col 67}{space 3}-.7285324
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.366448{col 26}{space 2} .5808751{col 37}{space 1}    5.80{col 46}{space 3}0.000{col 54}{space 4} 2.225058{col 67}{space 3} 4.507838
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (478 categories)

{com}. est store roa10
{txt}
{com}. xi: areg roe eceage ece wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&intangible==0, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    5348
{col 56}{help j_robustsingular:F( 54, 477)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.2376
{txt}{col 56}Adj R-squared ={res}  0.1532
{txt}{col 56}Root MSE      = {res} .54634

{txt}{ralign 78:(Std. Err. adjusted for {res:478} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0035313{col 26}{space 2} .0333004{col 37}{space 1}   -0.11{col 46}{space 3}0.916{col 54}{space 4}-.0689649{col 67}{space 3} .0619024
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0051835{col 26}{space 2} .0246756{col 37}{space 1}    0.21{col 46}{space 3}0.834{col 54}{space 4}-.0433028{col 67}{space 3} .0536698
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0000523{col 26}{space 2} .0010827{col 37}{space 1}   -0.05{col 46}{space 3}0.961{col 54}{space 4}-.0021798{col 67}{space 3} .0020751
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.3820164{col 26}{space 2} .1479473{col 37}{space 1}   -2.58{col 46}{space 3}0.010{col 54}{space 4}-.6727254{col 67}{space 3}-.0913074
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0694455{col 26}{space 2} .0124618{col 37}{space 1}   -5.57{col 46}{space 3}0.000{col 54}{space 4}-.0939323{col 67}{space 3}-.0449586
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2854428{col 26}{space 2} .1780101{col 37}{space 1}   -1.60{col 46}{space 3}0.109{col 54}{space 4}-.6352237{col 67}{space 3} .0643382
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.3386308{col 26}{space 2} .1540562{col 37}{space 1}   -2.20{col 46}{space 3}0.028{col 54}{space 4}-.6413435{col 67}{space 3}-.0359181
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0176699{col 26}{space 2} .0073976{col 37}{space 1}    2.39{col 46}{space 3}0.017{col 54}{space 4} .0031341{col 67}{space 3} .0322058
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0033203{col 26}{space 2} .0007378{col 37}{space 1}    4.50{col 46}{space 3}0.000{col 54}{space 4} .0018706{col 67}{space 3}   .00477
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .6152691{col 26}{space 2} .1602414{col 37}{space 1}    3.84{col 46}{space 3}0.000{col 54}{space 4} .3004028{col 67}{space 3} .9301355
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 3.30e-07{col 26}{space 2} 2.46e-07{col 37}{space 1}    1.34{col 46}{space 3}0.181{col 54}{space 4}-1.54e-07{col 67}{space 3} 8.14e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2} 3.60e-07{col 26}{space 2} 4.48e-07{col 37}{space 1}    0.80{col 46}{space 3}0.423{col 54}{space 4}-5.22e-07{col 67}{space 3} 1.24e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0277692{col 26}{space 2} .0117997{col 37}{space 1}   -2.35{col 46}{space 3}0.019{col 54}{space 4}-.0509551{col 67}{space 3}-.0045833
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1764811{col 26}{space 2} .0937283{col 37}{space 1}    1.88{col 46}{space 3}0.060{col 54}{space 4}-.0076902{col 67}{space 3} .3606524
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1486217{col 26}{space 2} .0872125{col 37}{space 1}    1.70{col 46}{space 3}0.089{col 54}{space 4}-.0227466{col 67}{space 3} .3199899
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .1221838{col 26}{space 2} .0905873{col 37}{space 1}    1.35{col 46}{space 3}0.178{col 54}{space 4}-.0558158{col 67}{space 3} .3001833
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .1675055{col 26}{space 2} .1065467{col 37}{space 1}    1.57{col 46}{space 3}0.117{col 54}{space 4}-.0418534{col 67}{space 3} .3768645
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}  .188759{col 26}{space 2} .0935751{col 37}{space 1}    2.02{col 46}{space 3}0.044{col 54}{space 4} .0048886{col 67}{space 3} .3726293
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}   .16929{col 26}{space 2} .0875836{col 37}{space 1}    1.93{col 46}{space 3}0.054{col 54}{space 4}-.0028073{col 67}{space 3} .3413872
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} .1325252{col 26}{space 2} .1687068{col 37}{space 1}    0.79{col 46}{space 3}0.433{col 54}{space 4}-.1989753{col 67}{space 3} .4640256
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1697366{col 26}{space 2} .0899473{col 37}{space 1}    1.89{col 46}{space 3}0.060{col 54}{space 4}-.0070052{col 67}{space 3} .3464785
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .1966878{col 26}{space 2} .0872725{col 37}{space 1}    2.25{col 46}{space 3}0.025{col 54}{space 4} .0252017{col 67}{space 3} .3681739
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0170028{col 26}{space 2}  .066319{col 37}{space 1}    0.26{col 46}{space 3}0.798{col 54}{space 4}-.1133108{col 67}{space 3} .1473163
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .0513102{col 26}{space 2} .0717081{col 37}{space 1}    0.72{col 46}{space 3}0.475{col 54}{space 4}-.0895926{col 67}{space 3}  .192213
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.0657886{col 26}{space 2} .2205767{col 37}{space 1}   -0.30{col 46}{space 3}0.766{col 54}{space 4}-.4992107{col 67}{space 3} .3676335
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2} .3940449{col 26}{space 2} .0716257{col 37}{space 1}    5.50{col 46}{space 3}0.000{col 54}{space 4}  .253304{col 67}{space 3} .5347857
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0973344{col 26}{space 2} .0788088{col 37}{space 1}    1.24{col 46}{space 3}0.217{col 54}{space 4}-.0575209{col 67}{space 3} .2521897
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .2168222{col 26}{space 2} .1590871{col 37}{space 1}    1.36{col 46}{space 3}0.174{col 54}{space 4}-.0957758{col 67}{space 3} .5294203
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0033913{col 26}{space 2} .0594915{col 37}{space 1}    0.06{col 46}{space 3}0.955{col 54}{space 4}-.1135065{col 67}{space 3} .1202892
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0587991{col 26}{space 2} .0568633{col 37}{space 1}    1.03{col 46}{space 3}0.302{col 54}{space 4}-.0529343{col 67}{space 3} .1705326
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0877282{col 26}{space 2} .0556896{col 37}{space 1}    1.58{col 46}{space 3}0.116{col 54}{space 4}-.0216991{col 67}{space 3} .1971554
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .1371947{col 26}{space 2} .0934513{col 37}{space 1}    1.47{col 46}{space 3}0.143{col 54}{space 4}-.0464324{col 67}{space 3} .3208218
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} -.016083{col 26}{space 2} .0607576{col 37}{space 1}   -0.26{col 46}{space 3}0.791{col 54}{space 4}-.1354686{col 67}{space 3} .1033025
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .2967895{col 26}{space 2} .1380501{col 37}{space 1}    2.15{col 46}{space 3}0.032{col 54}{space 4}  .025528{col 67}{space 3}  .568051
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}  .128138{col 26}{space 2} .0706596{col 37}{space 1}    1.81{col 46}{space 3}0.070{col 54}{space 4}-.0107047{col 67}{space 3} .2669806
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.0260032{col 26}{space 2} .0814878{col 37}{space 1}   -0.32{col 46}{space 3}0.750{col 54}{space 4}-.1861226{col 67}{space 3} .1341163
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .3225485{col 26}{space 2} .1437086{col 37}{space 1}    2.24{col 46}{space 3}0.025{col 54}{space 4} .0401683{col 67}{space 3} .6049288
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}-.0849581{col 26}{space 2} .1321383{col 37}{space 1}   -0.64{col 46}{space 3}0.521{col 54}{space 4}-.3446033{col 67}{space 3} .1746871
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0355775{col 26}{space 2} .0607697{col 37}{space 1}    0.59{col 46}{space 3}0.559{col 54}{space 4} -.083832{col 67}{space 3} .1549869
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .2032321{col 26}{space 2} .1052919{col 37}{space 1}    1.93{col 46}{space 3}0.054{col 54}{space 4}-.0036613{col 67}{space 3} .4101254
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .1012569{col 26}{space 2} .1383367{col 37}{space 1}    0.73{col 46}{space 3}0.465{col 54}{space 4}-.1705677{col 67}{space 3} .3730816
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.0500248{col 26}{space 2} .1212393{col 37}{space 1}   -0.41{col 46}{space 3}0.680{col 54}{space 4}-.2882539{col 67}{space 3} .1882043
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.2372343{col 26}{space 2} .2084198{col 37}{space 1}   -1.14{col 46}{space 3}0.256{col 54}{space 4}-.6467686{col 67}{space 3} .1723001
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2}-.0055916{col 26}{space 2} .1495398{col 37}{space 1}   -0.04{col 46}{space 3}0.970{col 54}{space 4}-.2994299{col 67}{space 3} .2882466
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} -.231671{col 26}{space 2} .1800002{col 37}{space 1}   -1.29{col 46}{space 3}0.199{col 54}{space 4}-.5853623{col 67}{space 3} .1220204
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.1035371{col 26}{space 2} .0974731{col 37}{space 1}   -1.06{col 46}{space 3}0.289{col 54}{space 4} -.295067{col 67}{space 3} .0879927
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.3001301{col 26}{space 2} .2044778{col 37}{space 1}   -1.47{col 46}{space 3}0.143{col 54}{space 4}-.7019187{col 67}{space 3} .1016585
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2}-1.326126{col 26}{space 2}  .064958{col 37}{space 1}  -20.42{col 46}{space 3}0.000{col 54}{space 4}-1.453766{col 67}{space 3}-1.198487
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2} .4050829{col 26}{space 2} .0886212{col 37}{space 1}    4.57{col 46}{space 3}0.000{col 54}{space 4} .2309467{col 67}{space 3} .5792192
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6563901{col 26}{space 2} .0303595{col 37}{space 1}  -21.62{col 46}{space 3}0.000{col 54}{space 4} -.716045{col 67}{space 3}-.5967352
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6616535{col 26}{space 2} .0324347{col 37}{space 1}  -20.40{col 46}{space 3}0.000{col 54}{space 4} -.725386{col 67}{space 3}-.5979209
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} -.539149{col 26}{space 2} .0277785{col 37}{space 1}  -19.41{col 46}{space 3}0.000{col 54}{space 4}-.5937324{col 67}{space 3}-.4845656
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6850041{col 26}{space 2} .0262042{col 37}{space 1}  -26.14{col 46}{space 3}0.000{col 54}{space 4} -.736494{col 67}{space 3}-.6335141
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6820115{col 26}{space 2} .0303231{col 37}{space 1}  -22.49{col 46}{space 3}0.000{col 54}{space 4}-.7415948{col 67}{space 3}-.6224282
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6135111{col 26}{space 2} .0392541{col 37}{space 1}  -15.63{col 46}{space 3}0.000{col 54}{space 4}-.6906434{col 67}{space 3}-.5363788
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7633357{col 26}{space 2} .0346975{col 37}{space 1}  -22.00{col 46}{space 3}0.000{col 54}{space 4}-.8315145{col 67}{space 3} -.695157
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.021307{col 26}{space 2} .7144062{col 37}{space 1}    4.23{col 46}{space 3}0.000{col 54}{space 4} 1.617535{col 67}{space 3} 4.425079
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (478 categories)

{com}. est store roe10
{txt}
{com}. 
.         * Analyses within the intangible=0 non-JV subsample
. 
. xi: areg netmargin eceage ece wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&intangible==0, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    7913
{col 56}{help j_robustsingular:F( 51, 500)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3094
{txt}{col 56}Adj R-squared ={res}  0.2575
{txt}{col 56}Root MSE      = {res}  .4221

{txt}{ralign 78:(Std. Err. adjusted for {res:501} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0232143{col 26}{space 2} .0171458{col 37}{space 1}    1.35{col 46}{space 3}0.176{col 54}{space 4}-.0104723{col 67}{space 3}  .056901
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0133582{col 26}{space 2} .0181935{col 37}{space 1}    0.73{col 46}{space 3}0.463{col 54}{space 4} -.022387{col 67}{space 3} .0491035
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0006392{col 26}{space 2} .0004891{col 37}{space 1}    1.31{col 46}{space 3}0.192{col 54}{space 4}-.0003217{col 67}{space 3}    .0016
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.4795998{col 26}{space 2} .0791261{col 37}{space 1}   -6.06{col 46}{space 3}0.000{col 54}{space 4}-.6350604{col 67}{space 3}-.3241393
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1100071{col 26}{space 2} .0057897{col 37}{space 1}  -19.00{col 46}{space 3}0.000{col 54}{space 4}-.1213823{col 67}{space 3}-.0986319
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0330227{col 26}{space 2} .1396257{col 37}{space 1}   -0.24{col 46}{space 3}0.813{col 54}{space 4}-.3073482{col 67}{space 3} .2413027
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.0439142{col 26}{space 2} .0799738{col 37}{space 1}   -0.55{col 46}{space 3}0.583{col 54}{space 4}-.2010404{col 67}{space 3}  .113212
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0224117{col 26}{space 2} .0040789{col 37}{space 1}    5.49{col 46}{space 3}0.000{col 54}{space 4} .0143977{col 67}{space 3} .0304256
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0057013{col 26}{space 2} .0004195{col 37}{space 1}   13.59{col 46}{space 3}0.000{col 54}{space 4} .0048771{col 67}{space 3} .0065255
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .1867504{col 26}{space 2} .0864671{col 37}{space 1}    2.16{col 46}{space 3}0.031{col 54}{space 4} .0168669{col 67}{space 3} .3566339
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-5.83e-08{col 26}{space 2} 2.25e-07{col 37}{space 1}   -0.26{col 46}{space 3}0.796{col 54}{space 4}-5.00e-07{col 67}{space 3} 3.84e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-5.57e-07{col 26}{space 2} 2.00e-07{col 37}{space 1}   -2.79{col 46}{space 3}0.005{col 54}{space 4}-9.49e-07{col 67}{space 3}-1.65e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0133137{col 26}{space 2} .0114801{col 37}{space 1}   -1.16{col 46}{space 3}0.247{col 54}{space 4}-.0358688{col 67}{space 3} .0092414
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1918917{col 26}{space 2} .1798115{col 37}{space 1}    1.07{col 46}{space 3}0.286{col 54}{space 4}-.1613875{col 67}{space 3}  .545171
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .0479343{col 26}{space 2} .1623236{col 37}{space 1}    0.30{col 46}{space 3}0.768{col 54}{space 4} -.270986{col 67}{space 3} .3668546
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .0811068{col 26}{space 2} .1591388{col 37}{space 1}    0.51{col 46}{space 3}0.611{col 54}{space 4}-.2315563{col 67}{space 3}   .39377
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .0253339{col 26}{space 2} .1620984{col 37}{space 1}    0.16{col 46}{space 3}0.876{col 54}{space 4}-.2931441{col 67}{space 3} .3438119
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0076884{col 26}{space 2} .1579736{col 37}{space 1}    0.05{col 46}{space 3}0.961{col 54}{space 4}-.3026855{col 67}{space 3} .3180623
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} .0102304{col 26}{space 2}  .157596{col 37}{space 1}    0.06{col 46}{space 3}0.948{col 54}{space 4}-.2994017{col 67}{space 3} .3198625
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} -.005656{col 26}{space 2}  .158694{col 37}{space 1}   -0.04{col 46}{space 3}0.972{col 54}{space 4}-.3174452{col 67}{space 3} .3061332
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.0031654{col 26}{space 2}  .155369{col 37}{space 1}   -0.02{col 46}{space 3}0.984{col 54}{space 4}-.3084219{col 67}{space 3} .3020911
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0013909{col 26}{space 2} .0586568{col 37}{space 1}   -0.02{col 46}{space 3}0.981{col 54}{space 4} -.116635{col 67}{space 3} .1138532
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .0821418{col 26}{space 2} .0927675{col 37}{space 1}    0.89{col 46}{space 3}0.376{col 54}{space 4}-.1001203{col 67}{space 3} .2644039
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.4989763{col 26}{space 2} .0851849{col 37}{space 1}   -5.86{col 46}{space 3}0.000{col 54}{space 4}-.6663407{col 67}{space 3}-.3316119
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0141701{col 26}{space 2} .0706037{col 37}{space 1}    0.20{col 46}{space 3}0.841{col 54}{space 4}-.1245463{col 67}{space 3} .1528865
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-.1182632{col 26}{space 2} .4190023{col 37}{space 1}   -0.28{col 46}{space 3}0.778{col 54}{space 4}-.9414855{col 67}{space 3}  .704959
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0430727{col 26}{space 2}  .060186{col 37}{space 1}   -0.72{col 46}{space 3}0.475{col 54}{space 4}-.1613213{col 67}{space 3}  .075176
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0464226{col 26}{space 2}  .060899{col 37}{space 1}    0.76{col 46}{space 3}0.446{col 54}{space 4}-.0732269{col 67}{space 3} .1660721
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0183437{col 26}{space 2} .0624928{col 37}{space 1}    0.29{col 46}{space 3}0.769{col 54}{space 4}-.1044372{col 67}{space 3} .1411246
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0689848{col 26}{space 2} .1028648{col 37}{space 1}   -0.67{col 46}{space 3}0.503{col 54}{space 4}-.2710853{col 67}{space 3} .1331157
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0428392{col 26}{space 2} .0590328{col 37}{space 1}   -0.73{col 46}{space 3}0.468{col 54}{space 4}-.1588221{col 67}{space 3} .0731438
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .0962134{col 26}{space 2} .1054334{col 37}{space 1}    0.91{col 46}{space 3}0.362{col 54}{space 4}-.1109336{col 67}{space 3} .3033605
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0507633{col 26}{space 2} .0635509{col 37}{space 1}    0.80{col 46}{space 3}0.425{col 54}{space 4}-.0740964{col 67}{space 3}  .175623
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .1254108{col 26}{space 2} .0933457{col 37}{space 1}    1.34{col 46}{space 3}0.180{col 54}{space 4}-.0579874{col 67}{space 3}  .308809
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}  .225824{col 26}{space 2} .0907999{col 37}{space 1}    2.49{col 46}{space 3}0.013{col 54}{space 4} .0474276{col 67}{space 3} .4042204
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .0824061{col 26}{space 2} .1141979{col 37}{space 1}    0.72{col 46}{space 3}0.471{col 54}{space 4}-.1419606{col 67}{space 3} .3067729
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0776745{col 26}{space 2}  .056985{col 37}{space 1}    1.36{col 46}{space 3}0.173{col 54}{space 4}-.0342851{col 67}{space 3} .1896341
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.1042793{col 26}{space 2} .1080733{col 37}{space 1}   -0.96{col 46}{space 3}0.335{col 54}{space 4} -.316613{col 67}{space 3} .1080544
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.0522927{col 26}{space 2} .0941286{col 37}{space 1}   -0.56{col 46}{space 3}0.579{col 54}{space 4} -.237229{col 67}{space 3} .1326437
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.0314996{col 26}{space 2} .2331018{col 37}{space 1}   -0.14{col 46}{space 3}0.893{col 54}{space 4}-.4894794{col 67}{space 3} .4264801
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .2111599{col 26}{space 2} .1347695{col 37}{space 1}    1.57{col 46}{space 3}0.118{col 54}{space 4}-.0536244{col 67}{space 3} .4759442
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .2367164{col 26}{space 2} .0660078{col 37}{space 1}    3.59{col 46}{space 3}0.000{col 54}{space 4} .1070295{col 67}{space 3} .3664032
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .2806303{col 26}{space 2} .2886417{col 37}{space 1}    0.97{col 46}{space 3}0.331{col 54}{space 4}-.2864698{col 67}{space 3} .8477305
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.1387664{col 26}{space 2} .1680731{col 37}{space 1}   -0.83{col 46}{space 3}0.409{col 54}{space 4} -.468983{col 67}{space 3} .1914501
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2}  .215792{col 26}{space 2} .0553048{col 37}{space 1}    3.90{col 46}{space 3}0.000{col 54}{space 4} .1071336{col 67}{space 3} .3244504
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.3747464{col 26}{space 2} .1189865{col 37}{space 1}   -3.15{col 46}{space 3}0.002{col 54}{space 4}-.6085215{col 67}{space 3}-.1409713
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6431263{col 26}{space 2} .0221573{col 37}{space 1}  -29.03{col 46}{space 3}0.000{col 54}{space 4}-.6866591{col 67}{space 3}-.5995934
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6454837{col 26}{space 2} .0225298{col 37}{space 1}  -28.65{col 46}{space 3}0.000{col 54}{space 4}-.6897485{col 67}{space 3}-.6012189
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5759122{col 26}{space 2} .0190672{col 37}{space 1}  -30.20{col 46}{space 3}0.000{col 54}{space 4} -.613374{col 67}{space 3}-.5384504
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6803408{col 26}{space 2} .0213376{col 37}{space 1}  -31.88{col 46}{space 3}0.000{col 54}{space 4}-.7222631{col 67}{space 3}-.6384184
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6810034{col 26}{space 2}  .022304{col 37}{space 1}  -30.53{col 46}{space 3}0.000{col 54}{space 4}-.7248245{col 67}{space 3}-.6371823
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.5946082{col 26}{space 2} .0238216{col 37}{space 1}  -24.96{col 46}{space 3}0.000{col 54}{space 4} -.641411{col 67}{space 3}-.5478054
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7869546{col 26}{space 2} .0205174{col 37}{space 1}  -38.36{col 46}{space 3}0.000{col 54}{space 4}-.8272655{col 67}{space 3}-.7466436
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.771102{col 26}{space 2} .4077973{col 37}{space 1}    9.25{col 46}{space 3}0.000{col 54}{space 4} 2.969895{col 67}{space 3}  4.57231
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (501 categories)

{com}. est store nm00
{txt}
{com}. xi: areg roa eceage ece wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&intangible==0, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    7913
{col 56}{help j_robustsingular:F( 51, 500)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.2888
{txt}{col 56}Adj R-squared ={res}  0.2354
{txt}{col 56}Root MSE      = {res} .43496

{txt}{ralign 78:(Std. Err. adjusted for {res:501} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0273454{col 26}{space 2} .0177851{col 37}{space 1}    1.54{col 46}{space 3}0.125{col 54}{space 4}-.0075973{col 67}{space 3} .0622882
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0146635{col 26}{space 2} .0178065{col 37}{space 1}    0.82{col 46}{space 3}0.411{col 54}{space 4}-.0203213{col 67}{space 3} .0496483
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}  .000629{col 26}{space 2} .0005273{col 37}{space 1}    1.19{col 46}{space 3}0.234{col 54}{space 4}-.0004071{col 67}{space 3} .0016651
{txt}{space 3}logassets {c |}{col 14}{res}{space 2} -.368292{col 26}{space 2} .0740135{col 37}{space 1}   -4.98{col 46}{space 3}0.000{col 54}{space 4}-.5137077{col 67}{space 3}-.2228763
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1065023{col 26}{space 2} .0059228{col 37}{space 1}  -17.98{col 46}{space 3}0.000{col 54}{space 4} -.118139{col 67}{space 3}-.0948657
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0656421{col 26}{space 2} .1222287{col 37}{space 1}   -0.54{col 46}{space 3}0.591{col 54}{space 4}-.3057872{col 67}{space 3} .1745031
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.0153143{col 26}{space 2} .0802996{col 37}{space 1}   -0.19{col 46}{space 3}0.849{col 54}{space 4}-.1730806{col 67}{space 3}  .142452
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0162017{col 26}{space 2} .0037838{col 37}{space 1}    4.28{col 46}{space 3}0.000{col 54}{space 4} .0087675{col 67}{space 3} .0236359
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0053889{col 26}{space 2} .0004341{col 37}{space 1}   12.41{col 46}{space 3}0.000{col 54}{space 4} .0045361{col 67}{space 3} .0062418
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .1551122{col 26}{space 2} .0867756{col 37}{space 1}    1.79{col 46}{space 3}0.074{col 54}{space 4}-.0153774{col 67}{space 3} .3256019
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 5.71e-08{col 26}{space 2} 1.75e-07{col 37}{space 1}    0.33{col 46}{space 3}0.745{col 54}{space 4}-2.87e-07{col 67}{space 3} 4.02e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-7.29e-08{col 26}{space 2} 2.00e-07{col 37}{space 1}   -0.36{col 46}{space 3}0.716{col 54}{space 4}-4.66e-07{col 67}{space 3} 3.20e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0231775{col 26}{space 2} .0115976{col 37}{space 1}   -2.00{col 46}{space 3}0.046{col 54}{space 4}-.0459636{col 67}{space 3}-.0003914
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1723722{col 26}{space 2} .1853001{col 37}{space 1}    0.93{col 46}{space 3}0.353{col 54}{space 4}-.1916905{col 67}{space 3} .5364349
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .0435996{col 26}{space 2} .1685353{col 37}{space 1}    0.26{col 46}{space 3}0.796{col 54}{space 4} -.287525{col 67}{space 3} .3747242
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}  .083274{col 26}{space 2}  .162613{col 37}{space 1}    0.51{col 46}{space 3}0.609{col 54}{space 4} -.236215{col 67}{space 3} .4027631
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .0521428{col 26}{space 2} .1657277{col 37}{space 1}    0.31{col 46}{space 3}0.753{col 54}{space 4}-.2734658{col 67}{space 3} .3777513
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.0048808{col 26}{space 2} .1620261{col 37}{space 1}   -0.03{col 46}{space 3}0.976{col 54}{space 4}-.3232166{col 67}{space 3}  .313455
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} .1209089{col 26}{space 2} .1757397{col 37}{space 1}    0.69{col 46}{space 3}0.492{col 54}{space 4}-.2243704{col 67}{space 3} .4661882
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .0021938{col 26}{space 2} .1627158{col 37}{space 1}    0.01{col 46}{space 3}0.989{col 54}{space 4}-.3174971{col 67}{space 3} .3218848
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} -.000119{col 26}{space 2} .1597666{col 37}{space 1}   -0.00{col 46}{space 3}0.999{col 54}{space 4}-.3140156{col 67}{space 3} .3137776
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0326161{col 26}{space 2} .0559977{col 37}{space 1}    0.58{col 46}{space 3}0.561{col 54}{space 4}-.0774038{col 67}{space 3} .1426359
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .1242051{col 26}{space 2} .0906384{col 37}{space 1}    1.37{col 46}{space 3}0.171{col 54}{space 4} -.053874{col 67}{space 3} .3022842
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.5787133{col 26}{space 2}  .134122{col 37}{space 1}   -4.31{col 46}{space 3}0.000{col 54}{space 4}-.8422255{col 67}{space 3}-.3152012
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0211987{col 26}{space 2} .0692781{col 37}{space 1}    0.31{col 46}{space 3}0.760{col 54}{space 4}-.1149133{col 67}{space 3} .1573107
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-.1296645{col 26}{space 2}  .398412{col 37}{space 1}   -0.33{col 46}{space 3}0.745{col 54}{space 4}-.9124324{col 67}{space 3} .6531034
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0144442{col 26}{space 2}   .05845{col 37}{space 1}   -0.25{col 46}{space 3}0.805{col 54}{space 4} -.129282{col 67}{space 3} .1003937
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}  .071935{col 26}{space 2} .0597975{col 37}{space 1}    1.20{col 46}{space 3}0.230{col 54}{space 4}-.0455504{col 67}{space 3} .1894203
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0608991{col 26}{space 2} .0611631{col 37}{space 1}    1.00{col 46}{space 3}0.320{col 54}{space 4}-.0592693{col 67}{space 3} .1810676
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0260917{col 26}{space 2} .0954553{col 37}{space 1}   -0.27{col 46}{space 3}0.785{col 54}{space 4}-.2136346{col 67}{space 3} .1614511
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0249986{col 26}{space 2} .0567973{col 37}{space 1}   -0.44{col 46}{space 3}0.660{col 54}{space 4}-.1365893{col 67}{space 3} .0865921
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .0817371{col 26}{space 2} .0973455{col 37}{space 1}    0.84{col 46}{space 3}0.402{col 54}{space 4}-.1095195{col 67}{space 3} .2729937
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0823877{col 26}{space 2} .0614028{col 37}{space 1}    1.34{col 46}{space 3}0.180{col 54}{space 4}-.0382516{col 67}{space 3}  .203027
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .1610054{col 26}{space 2} .0789963{col 37}{space 1}    2.04{col 46}{space 3}0.042{col 54}{space 4} .0057998{col 67}{space 3} .3162111
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .2474666{col 26}{space 2} .0941873{col 37}{space 1}    2.63{col 46}{space 3}0.009{col 54}{space 4} .0624149{col 67}{space 3} .4325184
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .1570216{col 26}{space 2}  .127171{col 37}{space 1}    1.23{col 46}{space 3}0.218{col 54}{space 4}-.0928338{col 67}{space 3}  .406877
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}  .090521{col 26}{space 2} .0554841{col 37}{space 1}    1.63{col 46}{space 3}0.103{col 54}{space 4}-.0184898{col 67}{space 3} .1995317
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} -.067113{col 26}{space 2} .1016473{col 37}{space 1}   -0.66{col 46}{space 3}0.509{col 54}{space 4}-.2668214{col 67}{space 3} .1325954
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.0424396{col 26}{space 2} .0960656{col 37}{space 1}   -0.44{col 46}{space 3}0.659{col 54}{space 4}-.2311816{col 67}{space 3} .1463024
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .0066255{col 26}{space 2} .2193909{col 37}{space 1}    0.03{col 46}{space 3}0.976{col 54}{space 4}-.4244161{col 67}{space 3} .4376671
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .1869038{col 26}{space 2} .1325031{col 37}{space 1}    1.41{col 46}{space 3}0.159{col 54}{space 4}-.0734277{col 67}{space 3} .4472353
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .3688995{col 26}{space 2} .0652681{col 37}{space 1}    5.65{col 46}{space 3}0.000{col 54}{space 4} .2406659{col 67}{space 3} .4971331
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .2460037{col 26}{space 2} .2731859{col 37}{space 1}    0.90{col 46}{space 3}0.368{col 54}{space 4}-.2907301{col 67}{space 3} .7827375
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.0800021{col 26}{space 2} .1786512{col 37}{space 1}   -0.45{col 46}{space 3}0.654{col 54}{space 4}-.4310016{col 67}{space 3} .2709973
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .3070238{col 26}{space 2} .0543258{col 37}{space 1}    5.65{col 46}{space 3}0.000{col 54}{space 4} .2002889{col 67}{space 3} .4137587
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.2366794{col 26}{space 2} .0821869{col 37}{space 1}   -2.88{col 46}{space 3}0.004{col 54}{space 4}-.3981537{col 67}{space 3}-.0752051
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6463348{col 26}{space 2} .0230246{col 37}{space 1}  -28.07{col 46}{space 3}0.000{col 54}{space 4}-.6915716{col 67}{space 3}-.6010979
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6226149{col 26}{space 2} .0238837{col 37}{space 1}  -26.07{col 46}{space 3}0.000{col 54}{space 4}-.6695397{col 67}{space 3}-.5756902
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5572045{col 26}{space 2} .0198931{col 37}{space 1}  -28.01{col 46}{space 3}0.000{col 54}{space 4}-.5962889{col 67}{space 3}  -.51812
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6689197{col 26}{space 2} .0216892{col 37}{space 1}  -30.84{col 46}{space 3}0.000{col 54}{space 4}-.7115329{col 67}{space 3}-.6263065
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6623069{col 26}{space 2} .0256577{col 37}{space 1}  -25.81{col 46}{space 3}0.000{col 54}{space 4}-.7127171{col 67}{space 3}-.6118966
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.5810399{col 26}{space 2} .0258819{col 37}{space 1}  -22.45{col 46}{space 3}0.000{col 54}{space 4}-.6318907{col 67}{space 3}-.5301891
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7598457{col 26}{space 2} .0224417{col 37}{space 1}  -33.86{col 46}{space 3}0.000{col 54}{space 4}-.8039374{col 67}{space 3} -.715754
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}   3.2408{col 26}{space 2} .3857323{col 37}{space 1}    8.40{col 46}{space 3}0.000{col 54}{space 4} 2.482944{col 67}{space 3} 3.998656
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (501 categories)

{com}. est store roa00
{txt}
{com}. xi: areg roe eceage ece wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&intangible==0, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    7913
{col 56}{help j_robustsingular:F( 51, 500)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.2139
{txt}{col 56}Adj R-squared ={res}  0.1548
{txt}{col 56}Root MSE      = {res} .55684

{txt}{ralign 78:(Std. Err. adjusted for {res:501} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0382123{col 26}{space 2} .0222754{col 37}{space 1}    1.72{col 46}{space 3}0.087{col 54}{space 4}-.0055525{col 67}{space 3} .0819772
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0121948{col 26}{space 2} .0222306{col 37}{space 1}    0.55{col 46}{space 3}0.584{col 54}{space 4} -.031482{col 67}{space 3} .0558716
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0010309{col 26}{space 2} .0006725{col 37}{space 1}    1.53{col 46}{space 3}0.126{col 54}{space 4}-.0002904{col 67}{space 3} .0023522
{txt}{space 3}logassets {c |}{col 14}{res}{space 2} -.301333{col 26}{space 2} .0880858{col 37}{space 1}   -3.42{col 46}{space 3}0.001{col 54}{space 4}-.4743969{col 67}{space 3}-.1282692
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1054153{col 26}{space 2} .0064284{col 37}{space 1}  -16.40{col 46}{space 3}0.000{col 54}{space 4}-.1180454{col 67}{space 3}-.0927852
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.1512165{col 26}{space 2} .1424348{col 37}{space 1}   -1.06{col 46}{space 3}0.289{col 54}{space 4} -.431061{col 67}{space 3}  .128628
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} -.046191{col 26}{space 2} .1016037{col 37}{space 1}   -0.45{col 46}{space 3}0.650{col 54}{space 4}-.2458138{col 67}{space 3} .1534318
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0129633{col 26}{space 2} .0045867{col 37}{space 1}    2.83{col 46}{space 3}0.005{col 54}{space 4} .0039517{col 67}{space 3} .0219749
{txt}{space 7}agesq {c |}{col 14}{res}{space 2}  .005316{col 26}{space 2}  .000476{col 37}{space 1}   11.17{col 46}{space 3}0.000{col 54}{space 4} .0043807{col 67}{space 3} .0062513
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}  .294459{col 26}{space 2} .1161686{col 37}{space 1}    2.53{col 46}{space 3}0.012{col 54}{space 4} .0662202{col 67}{space 3} .5226977
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 1.77e-07{col 26}{space 2} 2.07e-07{col 37}{space 1}    0.85{col 46}{space 3}0.394{col 54}{space 4}-2.30e-07{col 67}{space 3} 5.83e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-5.48e-08{col 26}{space 2} 2.55e-07{col 37}{space 1}   -0.21{col 46}{space 3}0.830{col 54}{space 4}-5.56e-07{col 67}{space 3} 4.46e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0330932{col 26}{space 2} .0121108{col 37}{space 1}   -2.73{col 46}{space 3}0.007{col 54}{space 4}-.0568874{col 67}{space 3}-.0092989
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .2284245{col 26}{space 2} .2204553{col 37}{space 1}    1.04{col 46}{space 3}0.301{col 54}{space 4}-.2047084{col 67}{space 3} .6615574
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .0661674{col 26}{space 2} .2093612{col 37}{space 1}    0.32{col 46}{space 3}0.752{col 54}{space 4}-.3451686{col 67}{space 3} .4775034
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .0988929{col 26}{space 2} .1991899{col 37}{space 1}    0.50{col 46}{space 3}0.620{col 54}{space 4}-.2924595{col 67}{space 3} .4902452
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .0752871{col 26}{space 2} .2050439{col 37}{space 1}    0.37{col 46}{space 3}0.714{col 54}{space 4}-.3275668{col 67}{space 3} .4781409
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0208042{col 26}{space 2} .2005123{col 37}{space 1}    0.10{col 46}{space 3}0.917{col 54}{space 4}-.3731463{col 67}{space 3} .4147548
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} .1425299{col 26}{space 2} .2244478{col 37}{space 1}    0.64{col 46}{space 3}0.526{col 54}{space 4}-.2984471{col 67}{space 3}  .583507
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .0132633{col 26}{space 2} .2009501{col 37}{space 1}    0.07{col 46}{space 3}0.947{col 54}{space 4}-.3815474{col 67}{space 3}  .408074
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .0160996{col 26}{space 2} .1975494{col 37}{space 1}    0.08{col 46}{space 3}0.935{col 54}{space 4}-.3720297{col 67}{space 3} .4042289
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0061151{col 26}{space 2} .0688919{col 37}{space 1}    0.09{col 46}{space 3}0.929{col 54}{space 4}-.1292382{col 67}{space 3} .1414684
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .1057288{col 26}{space 2} .1090334{col 37}{space 1}    0.97{col 46}{space 3}0.333{col 54}{space 4}-.1084914{col 67}{space 3} .3199489
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.7732851{col 26}{space 2} .3899645{col 37}{space 1}   -1.98{col 46}{space 3}0.048{col 54}{space 4}-1.539456{col 67}{space 3}-.0071141
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} -.013259{col 26}{space 2} .0831249{col 37}{space 1}   -0.16{col 46}{space 3}0.873{col 54}{space 4}-.1765762{col 67}{space 3} .1500582
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-.3195114{col 26}{space 2} .5818818{col 37}{space 1}   -0.55{col 46}{space 3}0.583{col 54}{space 4}-1.462746{col 67}{space 3} .8237232
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0253516{col 26}{space 2} .0729709{col 37}{space 1}   -0.35{col 46}{space 3}0.728{col 54}{space 4}-.1687189{col 67}{space 3} .1180157
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0684364{col 26}{space 2} .0745016{col 37}{space 1}    0.92{col 46}{space 3}0.359{col 54}{space 4}-.0779384{col 67}{space 3} .2148111
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0501384{col 26}{space 2} .0728602{col 37}{space 1}    0.69{col 46}{space 3}0.492{col 54}{space 4}-.0930115{col 67}{space 3} .1932883
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} -.116785{col 26}{space 2} .1056406{col 37}{space 1}   -1.11{col 46}{space 3}0.269{col 54}{space 4}-.3243392{col 67}{space 3} .0907693
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0350354{col 26}{space 2} .0703285{col 37}{space 1}   -0.50{col 46}{space 3}0.619{col 54}{space 4}-.1732112{col 67}{space 3} .1031403
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .0656145{col 26}{space 2} .1046441{col 37}{space 1}    0.63{col 46}{space 3}0.531{col 54}{space 4}-.1399819{col 67}{space 3} .2712108
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0694559{col 26}{space 2} .0768912{col 37}{space 1}    0.90{col 46}{space 3}0.367{col 54}{space 4}-.0816138{col 67}{space 3} .2205256
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}  .227296{col 26}{space 2}  .099634{col 37}{space 1}    2.28{col 46}{space 3}0.023{col 54}{space 4} .0315431{col 67}{space 3} .4230488
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .2676692{col 26}{space 2} .1170949{col 37}{space 1}    2.29{col 46}{space 3}0.023{col 54}{space 4} .0376105{col 67}{space 3} .4977278
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .1407007{col 26}{space 2}  .139322{col 37}{space 1}    1.01{col 46}{space 3}0.313{col 54}{space 4}-.1330279{col 67}{space 3} .4144293
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0874574{col 26}{space 2} .0701673{col 37}{space 1}    1.25{col 46}{space 3}0.213{col 54}{space 4}-.0504016{col 67}{space 3} .2253164
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.1515428{col 26}{space 2} .1295324{col 37}{space 1}   -1.17{col 46}{space 3}0.243{col 54}{space 4}-.4060377{col 67}{space 3} .1029521
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}  .057494{col 26}{space 2} .1107554{col 37}{space 1}    0.52{col 46}{space 3}0.604{col 54}{space 4}-.1601093{col 67}{space 3} .2750972
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .0397138{col 26}{space 2} .2558793{col 37}{space 1}    0.16{col 46}{space 3}0.877{col 54}{space 4}-.4630173{col 67}{space 3}  .542445
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .2360117{col 26}{space 2} .1606137{col 37}{space 1}    1.47{col 46}{space 3}0.142{col 54}{space 4}-.0795493{col 67}{space 3} .5515727
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .5660269{col 26}{space 2} .0807533{col 37}{space 1}    7.01{col 46}{space 3}0.000{col 54}{space 4} .4073692{col 67}{space 3} .7246845
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .1363417{col 26}{space 2} .3960519{col 37}{space 1}    0.34{col 46}{space 3}0.731{col 54}{space 4}-.6417893{col 67}{space 3} .9144727
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.1055988{col 26}{space 2} .2173188{col 37}{space 1}   -0.49{col 46}{space 3}0.627{col 54}{space 4}-.5325694{col 67}{space 3} .3213717
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .7126012{col 26}{space 2} .0692106{col 37}{space 1}   10.30{col 46}{space 3}0.000{col 54}{space 4} .5766217{col 67}{space 3} .8485807
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.4044266{col 26}{space 2} .1266274{col 37}{space 1}   -3.19{col 46}{space 3}0.001{col 54}{space 4} -.653214{col 67}{space 3}-.1556393
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.5894168{col 26}{space 2} .0297654{col 37}{space 1}  -19.80{col 46}{space 3}0.000{col 54}{space 4}-.6478975{col 67}{space 3}-.5309361
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6541696{col 26}{space 2} .0306247{col 37}{space 1}  -21.36{col 46}{space 3}0.000{col 54}{space 4}-.7143387{col 67}{space 3}-.5940006
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5302338{col 26}{space 2}  .022574{col 37}{space 1}  -23.49{col 46}{space 3}0.000{col 54}{space 4}-.5745854{col 67}{space 3}-.4858822
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6464792{col 26}{space 2} .0262431{col 37}{space 1}  -24.63{col 46}{space 3}0.000{col 54}{space 4}-.6980395{col 67}{space 3} -.594919
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6448514{col 26}{space 2} .0334362{col 37}{space 1}  -19.29{col 46}{space 3}0.000{col 54}{space 4}-.7105442{col 67}{space 3}-.5791585
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.5862803{col 26}{space 2} .0332482{col 37}{space 1}  -17.63{col 46}{space 3}0.000{col 54}{space 4}-.6516037{col 67}{space 3} -.520957
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7469988{col 26}{space 2} .0302998{col 37}{space 1}  -24.65{col 46}{space 3}0.000{col 54}{space 4}-.8065295{col 67}{space 3}-.6874682
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 2.874206{col 26}{space 2} .4582275{col 37}{space 1}    6.27{col 46}{space 3}0.000{col 54}{space 4} 1.973917{col 67}{space 3} 3.774495
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (501 categories)

{com}. est store roe00
{txt}
{com}. 
.         * Analyses within the positive intangible quintiles, which was the old Table 11. 
.         drop inaquint
{txt}
{com}.         xtile inaquint = intangible if intangible>0, nq(5)
{txt}
{com}. 
.                 * JV sample
. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==1, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1101
{col 56}{help j_robustsingular:F( 46, 289)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.5443
{txt}{col 56}Adj R-squared ={res}  0.3404
{txt}{col 56}Root MSE      = {res} .35465

{txt}{ralign 78:(Std. Err. adjusted for {res:290} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0962597{col 26}{space 2} .0758719{col 37}{space 1}   -1.27{col 46}{space 3}0.206{col 54}{space 4}-.2455912{col 67}{space 3} .0530718
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0561609{col 26}{space 2} .0428056{col 37}{space 1}   -1.31{col 46}{space 3}0.191{col 54}{space 4}-.1404112{col 67}{space 3} .0280894
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0001622{col 26}{space 2} .0002982{col 37}{space 1}   -0.54{col 46}{space 3}0.587{col 54}{space 4}-.0007492{col 67}{space 3} .0004247
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0003802{col 26}{space 2} .0017994{col 37}{space 1}   -0.21{col 46}{space 3}0.833{col 54}{space 4}-.0039218{col 67}{space 3} .0031613
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.6771036{col 26}{space 2} .3783407{col 37}{space 1}   -1.79{col 46}{space 3}0.075{col 54}{space 4}-1.421756{col 67}{space 3}  .067549
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0659228{col 26}{space 2} .0208104{col 37}{space 1}   -3.17{col 46}{space 3}0.002{col 54}{space 4} -.106882{col 67}{space 3}-.0249636
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .0056417{col 26}{space 2} .6074638{col 37}{space 1}    0.01{col 46}{space 3}0.993{col 54}{space 4}-1.189972{col 67}{space 3} 1.201256
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.2045695{col 26}{space 2} .3284696{col 37}{space 1}   -0.62{col 46}{space 3}0.534{col 54}{space 4}-.8510655{col 67}{space 3} .4419264
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0339151{col 26}{space 2} .0190724{col 37}{space 1}    1.78{col 46}{space 3}0.076{col 54}{space 4}-.0036233{col 67}{space 3} .0714536
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0036625{col 26}{space 2} .0010775{col 37}{space 1}    3.40{col 46}{space 3}0.001{col 54}{space 4} .0015417{col 67}{space 3} .0057832
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3881286{col 26}{space 2} .2961161{col 37}{space 1}    1.31{col 46}{space 3}0.191{col 54}{space 4} -.194689{col 67}{space 3} .9709461
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 4.19e-07{col 26}{space 2} 1.23e-06{col 37}{space 1}    0.34{col 46}{space 3}0.733{col 54}{space 4}-2.00e-06{col 67}{space 3} 2.84e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2}-1.22e-06{col 26}{space 2} 5.50e-07{col 37}{space 1}   -2.21{col 46}{space 3}0.028{col 54}{space 4}-2.30e-06{col 67}{space 3}-1.34e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}  .034394{col 26}{space 2} .0244242{col 37}{space 1}    1.41{col 46}{space 3}0.160{col 54}{space 4}-.0136778{col 67}{space 3} .0824659
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.3901594{col 26}{space 2} .1889625{col 37}{space 1}   -2.06{col 46}{space 3}0.040{col 54}{space 4}-.7620766{col 67}{space 3}-.0182422
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.2964822{col 26}{space 2} .1832499{col 37}{space 1}   -1.62{col 46}{space 3}0.107{col 54}{space 4}-.6571558{col 67}{space 3} .0641914
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} -.368552{col 26}{space 2} .1687894{col 37}{space 1}   -2.18{col 46}{space 3}0.030{col 54}{space 4}-.7007644{col 67}{space 3}-.0363396
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.4601701{col 26}{space 2} .1792261{col 37}{space 1}   -2.57{col 46}{space 3}0.011{col 54}{space 4}-.8129241{col 67}{space 3}-.1074162
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.3266609{col 26}{space 2} .1595251{col 37}{space 1}   -2.05{col 46}{space 3}0.041{col 54}{space 4}-.6406393{col 67}{space 3}-.0126825
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.3454745{col 26}{space 2} .1610873{col 37}{space 1}   -2.14{col 46}{space 3}0.033{col 54}{space 4}-.6625275{col 67}{space 3}-.0284215
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.4987472{col 26}{space 2} .3129332{col 37}{space 1}   -1.59{col 46}{space 3}0.112{col 54}{space 4}-1.114664{col 67}{space 3} .1171699
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.3637957{col 26}{space 2} .1676805{col 37}{space 1}   -2.17{col 46}{space 3}0.031{col 54}{space 4}-.6938255{col 67}{space 3}-.0337659
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.3024436{col 26}{space 2} .1528412{col 37}{space 1}   -1.98{col 46}{space 3}0.049{col 54}{space 4}-.6032665{col 67}{space 3}-.0016206
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0539414{col 26}{space 2} .1323292{col 37}{space 1}    0.41{col 46}{space 3}0.684{col 54}{space 4}-.2065098{col 67}{space 3} .3143926
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0489898{col 26}{space 2} .1171054{col 37}{space 1}   -0.42{col 46}{space 3}0.676{col 54}{space 4}-.2794775{col 67}{space 3} .1814978
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} .4779629{col 26}{space 2}  .266999{col 37}{space 1}    1.79{col 46}{space 3}0.074{col 54}{space 4}-.0475462{col 67}{space 3} 1.003472
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}  .126267{col 26}{space 2}  .104888{col 37}{space 1}    1.20{col 46}{space 3}0.230{col 54}{space 4}-.0801742{col 67}{space 3} .3327083
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0532182{col 26}{space 2} .0948831{col 37}{space 1}    0.56{col 46}{space 3}0.575{col 54}{space 4}-.1335313{col 67}{space 3} .2399678
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0632921{col 26}{space 2} .1058639{col 37}{space 1}    0.60{col 46}{space 3}0.550{col 54}{space 4}  -.14507{col 67}{space 3} .2716541
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0026314{col 26}{space 2} .0992185{col 37}{space 1}    0.03{col 46}{space 3}0.979{col 54}{space 4}-.1926512{col 67}{space 3}  .197914
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.2531422{col 26}{space 2} .3023069{col 37}{space 1}   -0.84{col 46}{space 3}0.403{col 54}{space 4}-.8481446{col 67}{space 3} .3418603
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0336946{col 26}{space 2}  .133978{col 37}{space 1}   -0.25{col 46}{space 3}0.802{col 54}{space 4}-.2973909{col 67}{space 3} .2300017
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .3876521{col 26}{space 2} .3648597{col 37}{space 1}    1.06{col 46}{space 3}0.289{col 54}{space 4}-.3304672{col 67}{space 3} 1.105771
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0992326{col 26}{space 2} .1018718{col 37}{space 1}    0.97{col 46}{space 3}0.331{col 54}{space 4}-.1012722{col 67}{space 3} .2997374
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .2468586{col 26}{space 2}  .187413{col 37}{space 1}    1.32{col 46}{space 3}0.189{col 54}{space 4}-.1220089{col 67}{space 3} .6157261
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.0366161{col 26}{space 2} .1803573{col 37}{space 1}   -0.20{col 46}{space 3}0.839{col 54}{space 4}-.3915965{col 67}{space 3} .3183643
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0607892{col 26}{space 2} .1076278{col 37}{space 1}    0.56{col 46}{space 3}0.573{col 54}{space 4}-.1510445{col 67}{space 3} .2726229
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.2716418{col 26}{space 2} .4203366{col 37}{space 1}   -0.65{col 46}{space 3}0.519{col 54}{space 4}-1.098951{col 67}{space 3} .5556674
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .2381645{col 26}{space 2} .1796847{col 37}{space 1}    1.33{col 46}{space 3}0.186{col 54}{space 4}-.1154922{col 67}{space 3} .5918211
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .2937879{col 26}{space 2} .2082423{col 37}{space 1}    1.41{col 46}{space 3}0.159{col 54}{space 4}-.1160758{col 67}{space 3} .7036517
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .0226757{col 26}{space 2} .2489971{col 37}{space 1}    0.09{col 46}{space 3}0.928{col 54}{space 4} -.467402{col 67}{space 3} .5127534
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .0541376{col 26}{space 2} .4547643{col 37}{space 1}    0.12{col 46}{space 3}0.905{col 54}{space 4}-.8409325{col 67}{space 3} .9492077
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}  .094892{col 26}{space 2} .1503041{col 37}{space 1}    0.63{col 46}{space 3}0.528{col 54}{space 4}-.2009375{col 67}{space 3} .3907216
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.0384629{col 26}{space 2} .1845964{col 37}{space 1}   -0.21{col 46}{space 3}0.835{col 54}{space 4}-.4017868{col 67}{space 3}  .324861
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.8253923{col 26}{space 2} .0476613{col 37}{space 1}  -17.32{col 46}{space 3}0.000{col 54}{space 4}-.9191996{col 67}{space 3}-.7315851
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7597478{col 26}{space 2} .0512313{col 37}{space 1}  -14.83{col 46}{space 3}0.000{col 54}{space 4}-.8605815{col 67}{space 3} -.658914
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7326634{col 26}{space 2} .0598139{col 37}{space 1}  -12.25{col 46}{space 3}0.000{col 54}{space 4}-.8503895{col 67}{space 3}-.6149373
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7917121{col 26}{space 2} .0508425{col 37}{space 1}  -15.57{col 46}{space 3}0.000{col 54}{space 4}-.8917806{col 67}{space 3}-.6916435
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7591513{col 26}{space 2} .0908602{col 37}{space 1}   -8.36{col 46}{space 3}0.000{col 54}{space 4}-.9379829{col 67}{space 3}-.5803197
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7401521{col 26}{space 2} .0782166{col 37}{space 1}   -9.46{col 46}{space 3}0.000{col 54}{space 4}-.8940985{col 67}{space 3}-.5862057
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.9044119{col 26}{space 2} .0738289{col 37}{space 1}  -12.25{col 46}{space 3}0.000{col 54}{space 4}-1.049722{col 67}{space 3}-.7591014
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.901752{col 26}{space 2} 1.833407{col 37}{space 1}    2.67{col 46}{space 3}0.008{col 54}{space 4} 1.293229{col 67}{space 3} 8.510275
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (290 categories)

{com}. est store nm11
{txt}
{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==1, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1101
{col 56}{help j_robustsingular:F( 46, 289)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.5122
{txt}{col 56}Adj R-squared ={res}  0.2939
{txt}{col 56}Root MSE      = {res} .37597

{txt}{ralign 78:(Std. Err. adjusted for {res:290} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0837448{col 26}{space 2} .0692847{col 37}{space 1}   -1.21{col 46}{space 3}0.228{col 54}{space 4}-.2201114{col 67}{space 3} .0526218
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0539969{col 26}{space 2} .0436869{col 37}{space 1}   -1.24{col 46}{space 3}0.217{col 54}{space 4}-.1399817{col 67}{space 3} .0319878
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0002081{col 26}{space 2} .0003095{col 37}{space 1}   -0.67{col 46}{space 3}0.502{col 54}{space 4}-.0008172{col 67}{space 3} .0004011
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0011993{col 26}{space 2} .0018543{col 37}{space 1}    0.65{col 46}{space 3}0.518{col 54}{space 4}-.0024504{col 67}{space 3} .0048489
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.5558211{col 26}{space 2} .3865874{col 37}{space 1}   -1.44{col 46}{space 3}0.152{col 54}{space 4}-1.316705{col 67}{space 3} .2050626
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0713244{col 26}{space 2} .0204078{col 37}{space 1}   -3.49{col 46}{space 3}0.001{col 54}{space 4} -.111491{col 67}{space 3}-.0311577
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0019787{col 26}{space 2}  .536532{col 37}{space 1}   -0.00{col 46}{space 3}0.997{col 54}{space 4}-1.057984{col 67}{space 3} 1.054027
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.0773806{col 26}{space 2} .3645187{col 37}{space 1}   -0.21{col 46}{space 3}0.832{col 54}{space 4}-.7948287{col 67}{space 3} .6400674
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0274076{col 26}{space 2} .0194118{col 37}{space 1}    1.41{col 46}{space 3}0.159{col 54}{space 4}-.0107988{col 67}{space 3}  .065614
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0037307{col 26}{space 2} .0011052{col 37}{space 1}    3.38{col 46}{space 3}0.001{col 54}{space 4} .0015555{col 67}{space 3} .0059058
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3221771{col 26}{space 2} .3477351{col 37}{space 1}    0.93{col 46}{space 3}0.355{col 54}{space 4}-.3622375{col 67}{space 3} 1.006592
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 1.80e-07{col 26}{space 2} 9.46e-07{col 37}{space 1}    0.19{col 46}{space 3}0.849{col 54}{space 4}-1.68e-06{col 67}{space 3} 2.04e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2}-7.15e-07{col 26}{space 2} 5.88e-07{col 37}{space 1}   -1.22{col 46}{space 3}0.225{col 54}{space 4}-1.87e-06{col 67}{space 3} 4.42e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0343886{col 26}{space 2} .0256073{col 37}{space 1}    1.34{col 46}{space 3}0.180{col 54}{space 4}-.0160119{col 67}{space 3} .0847892
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.2511649{col 26}{space 2} .1811326{col 37}{space 1}   -1.39{col 46}{space 3}0.167{col 54}{space 4}-.6076713{col 67}{space 3} .1053415
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.1312717{col 26}{space 2} .1646016{col 37}{space 1}   -0.80{col 46}{space 3}0.426{col 54}{space 4}-.4552416{col 67}{space 3} .1926982
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.2171028{col 26}{space 2} .1565863{col 37}{space 1}   -1.39{col 46}{space 3}0.167{col 54}{space 4}-.5252969{col 67}{space 3} .0910913
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.3042027{col 26}{space 2} .1742995{col 37}{space 1}   -1.75{col 46}{space 3}0.082{col 54}{space 4}-.6472601{col 67}{space 3} .0388547
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} -.156478{col 26}{space 2} .1399623{col 37}{space 1}   -1.12{col 46}{space 3}0.264{col 54}{space 4}-.4319528{col 67}{space 3} .1189967
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.1620079{col 26}{space 2} .1403991{col 37}{space 1}   -1.15{col 46}{space 3}0.249{col 54}{space 4}-.4383422{col 67}{space 3} .1143265
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.2924547{col 26}{space 2} .2511093{col 37}{space 1}   -1.16{col 46}{space 3}0.245{col 54}{space 4}-.7866896{col 67}{space 3} .2017801
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.1837041{col 26}{space 2} .1475886{col 37}{space 1}   -1.24{col 46}{space 3}0.214{col 54}{space 4} -.474189{col 67}{space 3} .1067808
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.1336803{col 26}{space 2} .1312104{col 37}{space 1}   -1.02{col 46}{space 3}0.309{col 54}{space 4}-.3919294{col 67}{space 3} .1245689
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0533087{col 26}{space 2} .1313126{col 37}{space 1}    0.41{col 46}{space 3}0.685{col 54}{space 4}-.2051417{col 67}{space 3}  .311759
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0437617{col 26}{space 2} .1241941{col 37}{space 1}   -0.35{col 46}{space 3}0.725{col 54}{space 4}-.2882013{col 67}{space 3} .2006778
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} .5041857{col 26}{space 2} .2549808{col 37}{space 1}    1.98{col 46}{space 3}0.049{col 54}{space 4} .0023308{col 67}{space 3} 1.006041
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}  .155745{col 26}{space 2} .1099718{col 37}{space 1}    1.42{col 46}{space 3}0.158{col 54}{space 4}-.0607023{col 67}{space 3} .3721923
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}  .036946{col 26}{space 2} .1001339{col 37}{space 1}    0.37{col 46}{space 3}0.712{col 54}{space 4}-.1601382{col 67}{space 3} .2340303
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0476635{col 26}{space 2} .1132111{col 37}{space 1}    0.42{col 46}{space 3}0.674{col 54}{space 4}-.1751593{col 67}{space 3} .2704864
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.0081894{col 26}{space 2} .1058306{col 37}{space 1}   -0.08{col 46}{space 3}0.938{col 54}{space 4}-.2164858{col 67}{space 3} .2001071
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.2793155{col 26}{space 2} .3419441{col 37}{space 1}   -0.82{col 46}{space 3}0.415{col 54}{space 4}-.9523321{col 67}{space 3} .3937012
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0251403{col 26}{space 2} .1360984{col 37}{space 1}    0.18{col 46}{space 3}0.854{col 54}{space 4}-.2427295{col 67}{space 3} .2930101
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .4152465{col 26}{space 2} .3838906{col 37}{space 1}    1.08{col 46}{space 3}0.280{col 54}{space 4}-.3403294{col 67}{space 3} 1.170823
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0650755{col 26}{space 2} .1083914{col 37}{space 1}    0.60{col 46}{space 3}0.549{col 54}{space 4}-.1482611{col 67}{space 3} .2784121
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .2929034{col 26}{space 2} .2224682{col 37}{space 1}    1.32{col 46}{space 3}0.189{col 54}{space 4}  -.14496{col 67}{space 3} .7307668
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.1170418{col 26}{space 2} .1629356{col 37}{space 1}   -0.72{col 46}{space 3}0.473{col 54}{space 4}-.4377327{col 67}{space 3} .2036491
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0467372{col 26}{space 2} .1124768{col 37}{space 1}    0.42{col 46}{space 3}0.678{col 54}{space 4}-.1746403{col 67}{space 3} .2681148
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} -.441474{col 26}{space 2} .3730678{col 37}{space 1}   -1.18{col 46}{space 3}0.238{col 54}{space 4}-1.175748{col 67}{space 3} .2928005
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .2143474{col 26}{space 2} .1891277{col 37}{space 1}    1.13{col 46}{space 3}0.258{col 54}{space 4}-.1578949{col 67}{space 3} .5865897
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .3437937{col 26}{space 2} .2031559{col 37}{space 1}    1.69{col 46}{space 3}0.092{col 54}{space 4} -.056059{col 67}{space 3} .7436463
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}  .078015{col 26}{space 2} .2610412{col 37}{space 1}    0.30{col 46}{space 3}0.765{col 54}{space 4}-.4357679{col 67}{space 3} .5917979
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.0686877{col 26}{space 2} .2613901{col 37}{space 1}   -0.26{col 46}{space 3}0.793{col 54}{space 4}-.5831573{col 67}{space 3} .4457819
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.0112184{col 26}{space 2} .1506794{col 37}{space 1}   -0.07{col 46}{space 3}0.941{col 54}{space 4}-.3077866{col 67}{space 3} .2853497
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.0012391{col 26}{space 2} .1886691{col 37}{space 1}   -0.01{col 46}{space 3}0.995{col 54}{space 4}-.3725788{col 67}{space 3} .3701006
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.8141725{col 26}{space 2} .0498947{col 37}{space 1}  -16.32{col 46}{space 3}0.000{col 54}{space 4}-.9123755{col 67}{space 3}-.7159694
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7586857{col 26}{space 2} .0533654{col 37}{space 1}  -14.22{col 46}{space 3}0.000{col 54}{space 4}-.8637198{col 67}{space 3}-.6536515
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6991519{col 26}{space 2} .0608602{col 37}{space 1}  -11.49{col 46}{space 3}0.000{col 54}{space 4}-.8189374{col 67}{space 3}-.5793664
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7691991{col 26}{space 2} .0533199{col 37}{space 1}  -14.43{col 46}{space 3}0.000{col 54}{space 4}-.8741435{col 67}{space 3}-.6642546
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} -.739585{col 26}{space 2} .0971919{col 37}{space 1}   -7.61{col 46}{space 3}0.000{col 54}{space 4}-.9308788{col 67}{space 3}-.5482913
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7379626{col 26}{space 2} .0823977{col 37}{space 1}   -8.96{col 46}{space 3}0.000{col 54}{space 4}-.9001383{col 67}{space 3}-.5757869
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8638038{col 26}{space 2} .0776238{col 37}{space 1}  -11.13{col 46}{space 3}0.000{col 54}{space 4}-1.016583{col 67}{space 3}-.7110242
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.139284{col 26}{space 2} 1.869386{col 37}{space 1}    2.21{col 46}{space 3}0.028{col 54}{space 4} .4599475{col 67}{space 3} 7.818621
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (290 categories)

{com}. est store roa11
{txt}
{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==1, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1101
{col 56}{help j_robustsingular:F( 46, 289)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4126
{txt}{col 56}Adj R-squared ={res}  0.1499
{txt}{col 56}Root MSE      = {res} .52175

{txt}{ralign 78:(Std. Err. adjusted for {res:290} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0743568{col 26}{space 2} .0913692{col 37}{space 1}   -0.81{col 46}{space 3}0.416{col 54}{space 4}-.2541902{col 67}{space 3} .1054767
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0969099{col 26}{space 2} .0649728{col 37}{space 1}   -1.49{col 46}{space 3}0.137{col 54}{space 4}-.2247899{col 67}{space 3}   .03097
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0002202{col 26}{space 2} .0004317{col 37}{space 1}   -0.51{col 46}{space 3}0.610{col 54}{space 4}  -.00107{col 67}{space 3} .0006295
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}  .000709{col 26}{space 2} .0028518{col 37}{space 1}    0.25{col 46}{space 3}0.804{col 54}{space 4} -.004904{col 67}{space 3}  .006322
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.7904196{col 26}{space 2} .4223265{col 37}{space 1}   -1.87{col 46}{space 3}0.062{col 54}{space 4}-1.621645{col 67}{space 3} .0408062
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0696453{col 26}{space 2} .0281005{col 37}{space 1}   -2.48{col 46}{space 3}0.014{col 54}{space 4}-.1249528{col 67}{space 3}-.0143377
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0997579{col 26}{space 2} .6560539{col 37}{space 1}   -0.15{col 46}{space 3}0.879{col 54}{space 4}-1.391007{col 67}{space 3} 1.191492
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0367394{col 26}{space 2} .4084444{col 37}{space 1}    0.09{col 46}{space 3}0.928{col 54}{space 4}-.7671636{col 67}{space 3} .8406424
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0412885{col 26}{space 2} .0213745{col 37}{space 1}    1.93{col 46}{space 3}0.054{col 54}{space 4}-.0007809{col 67}{space 3} .0833579
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0034356{col 26}{space 2}  .001354{col 37}{space 1}    2.54{col 46}{space 3}0.012{col 54}{space 4} .0007706{col 67}{space 3} .0061006
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .4079701{col 26}{space 2} .3972679{col 37}{space 1}    1.03{col 46}{space 3}0.305{col 54}{space 4}-.3739351{col 67}{space 3} 1.189875
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 3.71e-07{col 26}{space 2} 1.33e-06{col 37}{space 1}    0.28{col 46}{space 3}0.781{col 54}{space 4}-2.26e-06{col 67}{space 3} 3.00e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2}-1.28e-06{col 26}{space 2} 9.77e-07{col 37}{space 1}   -1.31{col 46}{space 3}0.193{col 54}{space 4}-3.20e-06{col 67}{space 3} 6.47e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0672111{col 26}{space 2} .0204396{col 37}{space 1}    3.29{col 46}{space 3}0.001{col 54}{space 4} .0269818{col 67}{space 3} .1074404
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.2299454{col 26}{space 2} .2341481{col 37}{space 1}   -0.98{col 46}{space 3}0.327{col 54}{space 4}-.6907971{col 67}{space 3} .2309064
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} -.159517{col 26}{space 2} .1980326{col 37}{space 1}   -0.81{col 46}{space 3}0.421{col 54}{space 4}-.5492861{col 67}{space 3}  .230252
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.3264307{col 26}{space 2} .1966939{col 37}{space 1}   -1.66{col 46}{space 3}0.098{col 54}{space 4}-.7135648{col 67}{space 3} .0607034
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.3674523{col 26}{space 2} .2448954{col 37}{space 1}   -1.50{col 46}{space 3}0.135{col 54}{space 4}-.8494571{col 67}{space 3} .1145524
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} -.224082{col 26}{space 2} .1815961{col 37}{space 1}   -1.23{col 46}{space 3}0.218{col 54}{space 4}-.5815006{col 67}{space 3} .1333366
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} -.207022{col 26}{space 2} .1733927{col 37}{space 1}   -1.19{col 46}{space 3}0.233{col 54}{space 4}-.5482945{col 67}{space 3} .1342505
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} -.389094{col 26}{space 2} .1959377{col 37}{space 1}   -1.99{col 46}{space 3}0.048{col 54}{space 4}-.7747398{col 67}{space 3}-.0034481
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.2132223{col 26}{space 2} .1793651{col 37}{space 1}   -1.19{col 46}{space 3}0.236{col 54}{space 4}-.5662498{col 67}{space 3} .1398052
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.1764927{col 26}{space 2} .1643542{col 37}{space 1}   -1.07{col 46}{space 3}0.284{col 54}{space 4}-.4999757{col 67}{space 3} .1469902
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}  .066256{col 26}{space 2} .1689316{col 37}{space 1}    0.39{col 46}{space 3}0.695{col 54}{space 4}-.2662364{col 67}{space 3} .3987483
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0374293{col 26}{space 2}  .173419{col 37}{space 1}   -0.22{col 46}{space 3}0.829{col 54}{space 4}-.3787537{col 67}{space 3}  .303895
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} 1.231974{col 26}{space 2} .3648502{col 37}{space 1}    3.38{col 46}{space 3}0.001{col 54}{space 4} .5138739{col 67}{space 3} 1.950075
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .3033265{col 26}{space 2} .1471372{col 37}{space 1}    2.06{col 46}{space 3}0.040{col 54}{space 4} .0137301{col 67}{space 3} .5929229
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .1139903{col 26}{space 2} .1380367{col 37}{space 1}    0.83{col 46}{space 3}0.410{col 54}{space 4}-.1576945{col 67}{space 3}  .385675
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .1064679{col 26}{space 2}  .145102{col 37}{space 1}    0.73{col 46}{space 3}0.464{col 54}{space 4}-.1791228{col 67}{space 3} .3920587
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}  .126031{col 26}{space 2} .1446239{col 37}{space 1}    0.87{col 46}{space 3}0.384{col 54}{space 4}-.1586187{col 67}{space 3} .4106806
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.4946795{col 26}{space 2}  .415839{col 37}{space 1}   -1.19{col 46}{space 3}0.235{col 54}{space 4}-1.313137{col 67}{space 3} .3237775
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .1306569{col 26}{space 2} .1808793{col 37}{space 1}    0.72{col 46}{space 3}0.471{col 54}{space 4}-.2253509{col 67}{space 3} .4866648
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .6173517{col 26}{space 2} .3946528{col 37}{space 1}    1.56{col 46}{space 3}0.119{col 54}{space 4}-.1594066{col 67}{space 3}  1.39411
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1656127{col 26}{space 2} .1496276{col 37}{space 1}    1.11{col 46}{space 3}0.269{col 54}{space 4}-.1288853{col 67}{space 3} .4601107
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}  .376258{col 26}{space 2} .2352722{col 37}{space 1}    1.60{col 46}{space 3}0.111{col 54}{space 4}-.0868063{col 67}{space 3} .8393223
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.2426865{col 26}{space 2} .2410111{col 37}{space 1}   -1.01{col 46}{space 3}0.315{col 54}{space 4}-.7170462{col 67}{space 3} .2316731
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .1127053{col 26}{space 2}  .152797{col 37}{space 1}    0.74{col 46}{space 3}0.461{col 54}{space 4}-.1880307{col 67}{space 3} .4134414
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.6066536{col 26}{space 2} .3252366{col 37}{space 1}   -1.87{col 46}{space 3}0.063{col 54}{space 4}-1.246786{col 67}{space 3} .0334792
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .4148332{col 26}{space 2} .2281786{col 37}{space 1}    1.82{col 46}{space 3}0.070{col 54}{space 4}-.0342693{col 67}{space 3} .8639358
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} 1.197337{col 26}{space 2} .2661464{col 37}{space 1}    4.50{col 46}{space 3}0.000{col 54}{space 4} .6735059{col 67}{space 3} 1.721168
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .1374236{col 26}{space 2} .2609217{col 37}{space 1}    0.53{col 46}{space 3}0.599{col 54}{space 4}-.3761241{col 67}{space 3} .6509713
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .0604642{col 26}{space 2} .4052791{col 37}{space 1}    0.15{col 46}{space 3}0.882{col 54}{space 4}-.7372087{col 67}{space 3} .8581372
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .1636201{col 26}{space 2} .2040903{col 37}{space 1}    0.80{col 46}{space 3}0.423{col 54}{space 4}-.2380717{col 67}{space 3} .5653119
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2} .6688304{col 26}{space 2} .2305664{col 37}{space 1}    2.90{col 46}{space 3}0.004{col 54}{space 4} .2150282{col 67}{space 3} 1.122633
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7966135{col 26}{space 2}  .076118{col 37}{space 1}  -10.47{col 46}{space 3}0.000{col 54}{space 4}-.9464293{col 67}{space 3}-.6467976
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2} -.753358{col 26}{space 2} .0754574{col 37}{space 1}   -9.98{col 46}{space 3}0.000{col 54}{space 4}-.9018737{col 67}{space 3}-.6048423
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6710524{col 26}{space 2} .0815181{col 37}{space 1}   -8.23{col 46}{space 3}0.000{col 54}{space 4}-.8314969{col 67}{space 3}-.5106079
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7170578{col 26}{space 2} .0813206{col 37}{space 1}   -8.82{col 46}{space 3}0.000{col 54}{space 4}-.8771135{col 67}{space 3}-.5570021
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7014072{col 26}{space 2} .1124949{col 37}{space 1}   -6.24{col 46}{space 3}0.000{col 54}{space 4}-.9228204{col 67}{space 3} -.479994
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7537866{col 26}{space 2} .1062026{col 37}{space 1}   -7.10{col 46}{space 3}0.000{col 54}{space 4}-.9628154{col 67}{space 3}-.5447579
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8381146{col 26}{space 2} .0984746{col 37}{space 1}   -8.51{col 46}{space 3}0.000{col 54}{space 4}-1.031933{col 67}{space 3}-.6442963
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.032372{col 26}{space 2} 2.016102{col 37}{space 1}    2.50{col 46}{space 3}0.013{col 54}{space 4} 1.064266{col 67}{space 3} 9.000477
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (290 categories)

{com}. est store roe11
{txt}
{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==2, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}     906
{col 56}{help j_robustsingular:F( 43, 253)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.5681
{txt}{col 56}Adj R-squared ={res}  0.3560
{txt}{col 56}Root MSE      = {res} .37081

{txt}{ralign 78:(Std. Err. adjusted for {res:254} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0106124{col 26}{space 2} .0894887{col 37}{space 1}    0.12{col 46}{space 3}0.906{col 54}{space 4}-.1656253{col 67}{space 3} .1868502
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0517046{col 26}{space 2} .0669341{col 37}{space 1}   -0.77{col 46}{space 3}0.441{col 54}{space 4}-.1835237{col 67}{space 3} .0801144
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0000956{col 26}{space 2}  .000188{col 37}{space 1}   -0.51{col 46}{space 3}0.612{col 54}{space 4}-.0004659{col 67}{space 3} .0002748
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0013456{col 26}{space 2} .0019275{col 37}{space 1}    0.70{col 46}{space 3}0.486{col 54}{space 4}-.0024503{col 67}{space 3} .0051415
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-1.572796{col 26}{space 2} .3791563{col 37}{space 1}   -4.15{col 46}{space 3}0.000{col 54}{space 4}-2.319501{col 67}{space 3}-.8260916
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0867285{col 26}{space 2}  .029889{col 37}{space 1}   -2.90{col 46}{space 3}0.004{col 54}{space 4}-.1455915{col 67}{space 3}-.0278656
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .1437843{col 26}{space 2} .4659376{col 37}{space 1}    0.31{col 46}{space 3}0.758{col 54}{space 4}-.7738261{col 67}{space 3} 1.061395
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.5294375{col 26}{space 2} .3672643{col 37}{space 1}   -1.44{col 46}{space 3}0.151{col 54}{space 4}-1.252722{col 67}{space 3} .1938473
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0775024{col 26}{space 2} .0193192{col 37}{space 1}    4.01{col 46}{space 3}0.000{col 54}{space 4} .0394554{col 67}{space 3} .1155494
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0046544{col 26}{space 2} .0017739{col 37}{space 1}    2.62{col 46}{space 3}0.009{col 54}{space 4} .0011609{col 67}{space 3} .0081479
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .5237683{col 26}{space 2} .3398148{col 37}{space 1}    1.54{col 46}{space 3}0.124{col 54}{space 4}-.1454577{col 67}{space 3} 1.192994
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-5.45e-07{col 26}{space 2} 6.81e-07{col 37}{space 1}   -0.80{col 46}{space 3}0.425{col 54}{space 4}-1.89e-06{col 67}{space 3} 7.97e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-1.14e-06{col 26}{space 2} 8.26e-07{col 37}{space 1}   -1.38{col 46}{space 3}0.169{col 54}{space 4}-2.77e-06{col 67}{space 3} 4.89e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0710116{col 26}{space 2}  .059777{col 37}{space 1}    1.19{col 46}{space 3}0.236{col 54}{space 4}-.0467124{col 67}{space 3} .1887356
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .9218055{col 26}{space 2} .3377783{col 37}{space 1}    2.73{col 46}{space 3}0.007{col 54}{space 4} .2565899{col 67}{space 3} 1.587021
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .9994733{col 26}{space 2} .3230854{col 37}{space 1}    3.09{col 46}{space 3}0.002{col 54}{space 4} .3631939{col 67}{space 3} 1.635753
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .9116366{col 26}{space 2} .3145732{col 37}{space 1}    2.90{col 46}{space 3}0.004{col 54}{space 4}  .292121{col 67}{space 3} 1.531152
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} 1.078684{col 26}{space 2} .4802049{col 37}{space 1}    2.25{col 46}{space 3}0.026{col 54}{space 4} .1329762{col 67}{space 3} 2.024393
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} 1.052982{col 26}{space 2} .3138588{col 37}{space 1}    3.35{col 46}{space 3}0.001{col 54}{space 4} .4348735{col 67}{space 3} 1.671091
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} 1.094083{col 26}{space 2} .3232806{col 37}{space 1}    3.38{col 46}{space 3}0.001{col 54}{space 4} .4574196{col 67}{space 3} 1.730747
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} 1.055552{col 26}{space 2} .3023136{col 37}{space 1}    3.49{col 46}{space 3}0.001{col 54}{space 4} .4601797{col 67}{space 3} 1.650923
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} 1.075504{col 26}{space 2} .3328553{col 37}{space 1}    3.23{col 46}{space 3}0.001{col 54}{space 4} .4199842{col 67}{space 3} 1.731025
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .9548854{col 26}{space 2}  .315874{col 37}{space 1}    3.02{col 46}{space 3}0.003{col 54}{space 4}  .332808{col 67}{space 3} 1.576963
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}  .077703{col 26}{space 2} .2490382{col 37}{space 1}    0.31{col 46}{space 3}0.755{col 54}{space 4}-.4127491{col 67}{space 3} .5681551
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.1188052{col 26}{space 2} .2166684{col 37}{space 1}   -0.55{col 46}{space 3}0.584{col 54}{space 4}-.5455086{col 67}{space 3} .3078982
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0435483{col 26}{space 2} .1864853{col 37}{space 1}   -0.23{col 46}{space 3}0.816{col 54}{space 4}-.4108095{col 67}{space 3} .3237129
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.1655745{col 26}{space 2} .1726554{col 37}{space 1}   -0.96{col 46}{space 3}0.338{col 54}{space 4}-.5055995{col 67}{space 3} .1744504
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0174435{col 26}{space 2} .1844509{col 37}{space 1}   -0.09{col 46}{space 3}0.925{col 54}{space 4}-.3806983{col 67}{space 3} .3458114
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.0269269{col 26}{space 2} .1863093{col 37}{space 1}   -0.14{col 46}{space 3}0.885{col 54}{space 4}-.3938416{col 67}{space 3} .3399878
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .5826578{col 26}{space 2} .2840022{col 37}{space 1}    2.05{col 46}{space 3}0.041{col 54}{space 4} .0233482{col 67}{space 3} 1.141967
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0908723{col 26}{space 2} .1915315{col 37}{space 1}   -0.47{col 46}{space 3}0.636{col 54}{space 4}-.4680715{col 67}{space 3}  .286327
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .1629956{col 26}{space 2} .3998954{col 37}{space 1}    0.41{col 46}{space 3}0.684{col 54}{space 4}-.6245523{col 67}{space 3} .9505435
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1293258{col 26}{space 2} .1916123{col 37}{space 1}    0.67{col 46}{space 3}0.500{col 54}{space 4}-.2480325{col 67}{space 3} .5066841
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .4020634{col 26}{space 2} .2587157{col 37}{space 1}    1.55{col 46}{space 3}0.121{col 54}{space 4}-.1074473{col 67}{space 3} .9115742
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.0760346{col 26}{space 2}  .242566{col 37}{space 1}   -0.31{col 46}{space 3}0.754{col 54}{space 4}-.5537404{col 67}{space 3} .4016711
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.0724223{col 26}{space 2} .1897419{col 37}{space 1}   -0.38{col 46}{space 3}0.703{col 54}{space 4}-.4460971{col 67}{space 3} .3012525
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .1332766{col 26}{space 2} .4688332{col 37}{space 1}    0.28{col 46}{space 3}0.776{col 54}{space 4}-.7900364{col 67}{space 3}  1.05659
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1928219{col 26}{space 2} .1785455{col 37}{space 1}   -1.08{col 46}{space 3}0.281{col 54}{space 4}-.5444466{col 67}{space 3} .1588028
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7914992{col 26}{space 2} .0577768{col 37}{space 1}  -13.70{col 46}{space 3}0.000{col 54}{space 4}-.9052839{col 67}{space 3}-.6777144
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7081759{col 26}{space 2} .0761685{col 37}{space 1}   -9.30{col 46}{space 3}0.000{col 54}{space 4} -.858181{col 67}{space 3}-.5581708
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7687821{col 26}{space 2} .0730628{col 37}{space 1}  -10.52{col 46}{space 3}0.000{col 54}{space 4}-.9126709{col 67}{space 3}-.6248933
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8040176{col 26}{space 2} .0740615{col 37}{space 1}  -10.86{col 46}{space 3}0.000{col 54}{space 4}-.9498732{col 67}{space 3} -.658162
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8039393{col 26}{space 2} .0732914{col 37}{space 1}  -10.97{col 46}{space 3}0.000{col 54}{space 4}-.9482784{col 67}{space 3}-.6596003
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7649347{col 26}{space 2} .0820742{col 37}{space 1}   -9.32{col 46}{space 3}0.000{col 54}{space 4}-.9265704{col 67}{space 3} -.603299
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.9006619{col 26}{space 2} .0796178{col 37}{space 1}  -11.31{col 46}{space 3}0.000{col 54}{space 4} -1.05746{col 67}{space 3}-.7438637
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 8.408231{col 26}{space 2} 1.720857{col 37}{space 1}    4.89{col 46}{space 3}0.000{col 54}{space 4} 5.019202{col 67}{space 3} 11.79726
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (254 categories)

{com}. est store nm12
{txt}
{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==2, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}     906
{col 56}{help j_robustsingular:F( 43, 253)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.5738
{txt}{col 56}Adj R-squared ={res}  0.3645
{txt}{col 56}Root MSE      = {res} .35978

{txt}{ralign 78:(Std. Err. adjusted for {res:254} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0350676{col 26}{space 2} .0846507{col 37}{space 1}   -0.41{col 46}{space 3}0.679{col 54}{space 4}-.2017774{col 67}{space 3} .1316422
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0614897{col 26}{space 2} .0639386{col 37}{space 1}   -0.96{col 46}{space 3}0.337{col 54}{space 4}-.1874094{col 67}{space 3}   .06443
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0000649{col 26}{space 2} .0001777{col 37}{space 1}   -0.37{col 46}{space 3}0.715{col 54}{space 4}-.0004149{col 67}{space 3} .0002851
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0019985{col 26}{space 2} .0019261{col 37}{space 1}    1.04{col 46}{space 3}0.300{col 54}{space 4}-.0017948{col 67}{space 3} .0057918
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-1.312501{col 26}{space 2} .3985396{col 37}{space 1}   -3.29{col 46}{space 3}0.001{col 54}{space 4}-2.097379{col 67}{space 3}-.5276229
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0822668{col 26}{space 2} .0290061{col 37}{space 1}   -2.84{col 46}{space 3}0.005{col 54}{space 4} -.139391{col 67}{space 3}-.0251425
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.1148444{col 26}{space 2} .4385314{col 37}{space 1}   -0.26{col 46}{space 3}0.794{col 54}{space 4}-.9784814{col 67}{space 3} .7487926
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.4206894{col 26}{space 2} .3505402{col 37}{space 1}   -1.20{col 46}{space 3}0.231{col 54}{space 4}-1.111038{col 67}{space 3} .2696591
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0641559{col 26}{space 2} .0202308{col 37}{space 1}    3.17{col 46}{space 3}0.002{col 54}{space 4} .0243137{col 67}{space 3}  .103998
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0046907{col 26}{space 2} .0018791{col 37}{space 1}    2.50{col 46}{space 3}0.013{col 54}{space 4}   .00099{col 67}{space 3} .0083914
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .4210698{col 26}{space 2} .3285319{col 37}{space 1}    1.28{col 46}{space 3}0.201{col 54}{space 4}-.2259359{col 67}{space 3} 1.068075
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-1.77e-07{col 26}{space 2} 6.85e-07{col 37}{space 1}   -0.26{col 46}{space 3}0.796{col 54}{space 4}-1.53e-06{col 67}{space 3} 1.17e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2}-6.55e-07{col 26}{space 2} 7.98e-07{col 37}{space 1}   -0.82{col 46}{space 3}0.412{col 54}{space 4}-2.23e-06{col 67}{space 3} 9.16e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0590122{col 26}{space 2} .0556742{col 37}{space 1}    1.06{col 46}{space 3}0.290{col 54}{space 4}-.0506317{col 67}{space 3}  .168656
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .7768255{col 26}{space 2} .3227153{col 37}{space 1}    2.41{col 46}{space 3}0.017{col 54}{space 4}  .141275{col 67}{space 3} 1.412376
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}   .86391{col 26}{space 2} .2997093{col 37}{space 1}    2.88{col 46}{space 3}0.004{col 54}{space 4} .2736671{col 67}{space 3} 1.454153
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .7679998{col 26}{space 2} .2951485{col 37}{space 1}    2.60{col 46}{space 3}0.010{col 54}{space 4} .1867388{col 67}{space 3} 1.349261
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .8227912{col 26}{space 2} .3846407{col 37}{space 1}    2.14{col 46}{space 3}0.033{col 54}{space 4} .0652855{col 67}{space 3} 1.580297
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .9166756{col 26}{space 2} .2905471{col 37}{space 1}    3.15{col 46}{space 3}0.002{col 54}{space 4} .3444765{col 67}{space 3} 1.488875
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .9303322{col 26}{space 2} .2959085{col 37}{space 1}    3.14{col 46}{space 3}0.002{col 54}{space 4} .3475745{col 67}{space 3}  1.51309
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} .8965899{col 26}{space 2} .2888993{col 37}{space 1}    3.10{col 46}{space 3}0.002{col 54}{space 4}  .327636{col 67}{space 3} 1.465544
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .9278181{col 26}{space 2} .3058921{col 37}{space 1}    3.03{col 46}{space 3}0.003{col 54}{space 4} .3253987{col 67}{space 3} 1.530237
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .8216983{col 26}{space 2}  .288199{col 37}{space 1}    2.85{col 46}{space 3}0.005{col 54}{space 4} .2541236{col 67}{space 3} 1.389273
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0576159{col 26}{space 2} .1917126{col 37}{space 1}    0.30{col 46}{space 3}0.764{col 54}{space 4}-.3199401{col 67}{space 3} .4351718
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0965174{col 26}{space 2} .2117938{col 37}{space 1}   -0.46{col 46}{space 3}0.649{col 54}{space 4}-.5136209{col 67}{space 3}  .320586
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0130494{col 26}{space 2}  .158202{col 37}{space 1}   -0.08{col 46}{space 3}0.934{col 54}{space 4}-.3246099{col 67}{space 3} .2985112
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.1242063{col 26}{space 2} .1526404{col 37}{space 1}   -0.81{col 46}{space 3}0.417{col 54}{space 4} -.424814{col 67}{space 3} .1764014
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0327118{col 26}{space 2} .1687241{col 37}{space 1}    0.19{col 46}{space 3}0.846{col 54}{space 4} -.299571{col 67}{space 3} .3649945
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.0207398{col 26}{space 2} .1577382{col 37}{space 1}   -0.13{col 46}{space 3}0.895{col 54}{space 4}-.3313871{col 67}{space 3} .2899074
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .4250706{col 26}{space 2} .2589554{col 37}{space 1}    1.64{col 46}{space 3}0.102{col 54}{space 4}-.0849122{col 67}{space 3} .9350535
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0763153{col 26}{space 2} .1656699{col 37}{space 1}   -0.46{col 46}{space 3}0.645{col 54}{space 4}-.4025831{col 67}{space 3} .2499526
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .2693703{col 26}{space 2} .3361037{col 37}{space 1}    0.80{col 46}{space 3}0.424{col 54}{space 4}-.3925472{col 67}{space 3} .9312879
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1159152{col 26}{space 2}   .16718{col 37}{space 1}    0.69{col 46}{space 3}0.489{col 54}{space 4}-.2133265{col 67}{space 3} .4451569
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .5309037{col 26}{space 2} .2208196{col 37}{space 1}    2.40{col 46}{space 3}0.017{col 54}{space 4} .0960248{col 67}{space 3} .9657826
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.1268557{col 26}{space 2} .2043886{col 37}{space 1}   -0.62{col 46}{space 3}0.535{col 54}{space 4}-.5293756{col 67}{space 3} .2756642
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} -.072125{col 26}{space 2} .1714894{col 37}{space 1}   -0.42{col 46}{space 3}0.674{col 54}{space 4}-.4098537{col 67}{space 3} .2656036
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .0786186{col 26}{space 2} .4502175{col 37}{space 1}    0.17{col 46}{space 3}0.862{col 54}{space 4}-.8080328{col 67}{space 3}   .96527
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1340688{col 26}{space 2} .1540618{col 37}{space 1}   -0.87{col 46}{space 3}0.385{col 54}{space 4}-.4374758{col 67}{space 3} .1693381
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7777533{col 26}{space 2} .0539316{col 37}{space 1}  -14.42{col 46}{space 3}0.000{col 54}{space 4}-.8839655{col 67}{space 3}-.6715411
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6756336{col 26}{space 2} .0705746{col 37}{space 1}   -9.57{col 46}{space 3}0.000{col 54}{space 4}-.8146222{col 67}{space 3} -.536645
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} -.731063{col 26}{space 2} .0732307{col 37}{space 1}   -9.98{col 46}{space 3}0.000{col 54}{space 4}-.8752825{col 67}{space 3}-.5868436
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7593078{col 26}{space 2} .0807031{col 37}{space 1}   -9.41{col 46}{space 3}0.000{col 54}{space 4}-.9182432{col 67}{space 3}-.6003723
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} -.792396{col 26}{space 2} .0719812{col 37}{space 1}  -11.01{col 46}{space 3}0.000{col 54}{space 4}-.9341547{col 67}{space 3}-.6506374
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7486345{col 26}{space 2} .0824452{col 37}{space 1}   -9.08{col 46}{space 3}0.000{col 54}{space 4}-.9110009{col 67}{space 3}-.5862681
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} -.886351{col 26}{space 2} .0831976{col 37}{space 1}  -10.65{col 46}{space 3}0.000{col 54}{space 4}-1.050199{col 67}{space 3} -.722503
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 7.207122{col 26}{space 2} 1.793916{col 37}{space 1}    4.02{col 46}{space 3}0.000{col 54}{space 4}  3.67421{col 67}{space 3} 10.74003
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (254 categories)

{com}. est store roa12
{txt}
{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==2, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}     906
{col 56}{help j_robustsingular:F( 43, 253)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4671
{txt}{col 56}Adj R-squared ={res}  0.2055
{txt}{col 56}Root MSE      = {res} .50788

{txt}{ralign 78:(Std. Err. adjusted for {res:254} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0851273{col 26}{space 2} .1069741{col 37}{space 1}   -0.80{col 46}{space 3}0.427{col 54}{space 4}-.2958005{col 67}{space 3} .1255459
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0534452{col 26}{space 2} .0916092{col 37}{space 1}   -0.58{col 46}{space 3}0.560{col 54}{space 4} -.233859{col 67}{space 3} .1269686
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0001944{col 26}{space 2} .0002342{col 37}{space 1}   -0.83{col 46}{space 3}0.407{col 54}{space 4}-.0006556{col 67}{space 3} .0002668
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0031833{col 26}{space 2} .0025751{col 37}{space 1}    1.24{col 46}{space 3}0.218{col 54}{space 4}-.0018882{col 67}{space 3} .0082547
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-1.406976{col 26}{space 2} .5719982{col 37}{space 1}   -2.46{col 46}{space 3}0.015{col 54}{space 4}-2.533461{col 67}{space 3}-.2804916
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0716818{col 26}{space 2} .0352983{col 37}{space 1}   -2.03{col 46}{space 3}0.043{col 54}{space 4}-.1411977{col 67}{space 3}-.0021658
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .0282406{col 26}{space 2} .5859823{col 37}{space 1}    0.05{col 46}{space 3}0.962{col 54}{space 4}-1.125784{col 67}{space 3} 1.182265
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.7035926{col 26}{space 2} .4933175{col 37}{space 1}   -1.43{col 46}{space 3}0.155{col 54}{space 4}-1.675125{col 67}{space 3} .2679394
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0692159{col 26}{space 2}  .029722{col 37}{space 1}    2.33{col 46}{space 3}0.021{col 54}{space 4} .0106818{col 67}{space 3}   .12775
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0039684{col 26}{space 2} .0022709{col 37}{space 1}    1.75{col 46}{space 3}0.082{col 54}{space 4}-.0005039{col 67}{space 3} .0084408
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .9375884{col 26}{space 2} .5229403{col 37}{space 1}    1.79{col 46}{space 3}0.074{col 54}{space 4}-.0922823{col 67}{space 3} 1.967459
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-4.90e-07{col 26}{space 2} 8.50e-07{col 37}{space 1}   -0.58{col 46}{space 3}0.565{col 54}{space 4}-2.16e-06{col 67}{space 3} 1.18e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2}-7.90e-07{col 26}{space 2} 1.18e-06{col 37}{space 1}   -0.67{col 46}{space 3}0.504{col 54}{space 4}-3.12e-06{col 67}{space 3} 1.54e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .1066523{col 26}{space 2} .0760271{col 37}{space 1}    1.40{col 46}{space 3}0.162{col 54}{space 4}-.0430743{col 67}{space 3}  .256379
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .7739624{col 26}{space 2} .4413629{col 37}{space 1}    1.75{col 46}{space 3}0.081{col 54}{space 4} -.095251{col 67}{space 3} 1.643176
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .9772169{col 26}{space 2} .4413949{col 37}{space 1}    2.21{col 46}{space 3}0.028{col 54}{space 4} .1079405{col 67}{space 3} 1.846493
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .7494262{col 26}{space 2} .4321756{col 37}{space 1}    1.73{col 46}{space 3}0.084{col 54}{space 4}-.1016938{col 67}{space 3} 1.600546
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} 1.014604{col 26}{space 2} .6069202{col 37}{space 1}    1.67{col 46}{space 3}0.096{col 54}{space 4}-.1806557{col 67}{space 3} 2.209863
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .9601691{col 26}{space 2} .4346434{col 37}{space 1}    2.21{col 46}{space 3}0.028{col 54}{space 4}  .104189{col 67}{space 3} 1.816149
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} 1.034888{col 26}{space 2} .4650419{col 37}{space 1}    2.23{col 46}{space 3}0.027{col 54}{space 4} .1190415{col 67}{space 3} 1.950734
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} 1.043402{col 26}{space 2} .4303441{col 37}{space 1}    2.42{col 46}{space 3}0.016{col 54}{space 4} .1958884{col 67}{space 3} 1.890915
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .9742413{col 26}{space 2} .4573795{col 37}{space 1}    2.13{col 46}{space 3}0.034{col 54}{space 4} .0734851{col 67}{space 3} 1.874998
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .8722183{col 26}{space 2} .4337523{col 37}{space 1}    2.01{col 46}{space 3}0.045{col 54}{space 4} .0179931{col 67}{space 3} 1.726443
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}   .13915{col 26}{space 2} .2243448{col 37}{space 1}    0.62{col 46}{space 3}0.536{col 54}{space 4}-.3026712{col 67}{space 3} .5809712
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .0252113{col 26}{space 2} .2455173{col 37}{space 1}    0.10{col 46}{space 3}0.918{col 54}{space 4}-.4583068{col 67}{space 3} .5087295
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0326729{col 26}{space 2} .1753591{col 37}{space 1}   -0.19{col 46}{space 3}0.852{col 54}{space 4}-.3780225{col 67}{space 3} .3126766
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.1121539{col 26}{space 2} .1620652{col 37}{space 1}   -0.69{col 46}{space 3}0.490{col 54}{space 4}-.4313228{col 67}{space 3} .2070149
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0878466{col 26}{space 2} .1964342{col 37}{space 1}    0.45{col 46}{space 3}0.655{col 54}{space 4} -.299008{col 67}{space 3} .4747011
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0484043{col 26}{space 2} .1781679{col 37}{space 1}    0.27{col 46}{space 3}0.786{col 54}{space 4} -.302477{col 67}{space 3} .3992855
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .6695368{col 26}{space 2} .2994876{col 37}{space 1}    2.24{col 46}{space 3}0.026{col 54}{space 4} .0797304{col 67}{space 3} 1.259343
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0586104{col 26}{space 2} .2013795{col 37}{space 1}   -0.29{col 46}{space 3}0.771{col 54}{space 4}-.4552042{col 67}{space 3} .3379834
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .3203413{col 26}{space 2} .3591044{col 37}{space 1}    0.89{col 46}{space 3}0.373{col 54}{space 4}-.3868736{col 67}{space 3} 1.027556
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1726398{col 26}{space 2} .1719765{col 37}{space 1}    1.00{col 46}{space 3}0.316{col 54}{space 4}-.1660482{col 67}{space 3} .5113278
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .5527758{col 26}{space 2} .2756257{col 37}{space 1}    2.01{col 46}{space 3}0.046{col 54}{space 4} .0099628{col 67}{space 3} 1.095589
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.2302517{col 26}{space 2} .3013884{col 37}{space 1}   -0.76{col 46}{space 3}0.446{col 54}{space 4}-.8238014{col 67}{space 3}  .363298
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.0547534{col 26}{space 2} .1938835{col 37}{space 1}   -0.28{col 46}{space 3}0.778{col 54}{space 4}-.4365846{col 67}{space 3} .3270777
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .1023547{col 26}{space 2} .4250631{col 37}{space 1}    0.24{col 46}{space 3}0.810{col 54}{space 4}-.7347582{col 67}{space 3} .9394676
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.3228036{col 26}{space 2} .2092385{col 37}{space 1}   -1.54{col 46}{space 3}0.124{col 54}{space 4}-.7348747{col 67}{space 3} .0892674
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.659147{col 26}{space 2} .0733418{col 37}{space 1}   -8.99{col 46}{space 3}0.000{col 54}{space 4}-.8035852{col 67}{space 3}-.5147088
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6758065{col 26}{space 2} .1018506{col 37}{space 1}   -6.64{col 46}{space 3}0.000{col 54}{space 4}-.8763896{col 67}{space 3}-.4752234
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6747999{col 26}{space 2} .0874842{col 37}{space 1}   -7.71{col 46}{space 3}0.000{col 54}{space 4}  -.84709{col 67}{space 3}-.5025098
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6641693{col 26}{space 2} .1191393{col 37}{space 1}   -5.57{col 46}{space 3}0.000{col 54}{space 4}-.8988003{col 67}{space 3}-.4295382
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} -.764997{col 26}{space 2} .1001809{col 37}{space 1}   -7.64{col 46}{space 3}0.000{col 54}{space 4}-.9622918{col 67}{space 3}-.5677022
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6457207{col 26}{space 2} .0988132{col 37}{space 1}   -6.53{col 46}{space 3}0.000{col 54}{space 4} -.840322{col 67}{space 3}-.4511194
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} -.832563{col 26}{space 2} .1089196{col 37}{space 1}   -7.64{col 46}{space 3}0.000{col 54}{space 4}-1.047068{col 67}{space 3}-.6180584
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 7.500459{col 26}{space 2} 2.406615{col 37}{space 1}    3.12{col 46}{space 3}0.002{col 54}{space 4} 2.760907{col 67}{space 3} 12.24001
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (254 categories)

{com}. est store roe12
{txt}
{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==3, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_20 omitted because of collinearity
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__41 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__51 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}     694
{col 56}{help j_robustsingular:F( 40, 216)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.6102
{txt}{col 56}Adj R-squared ={res}  0.3747
{txt}{col 56}Root MSE      = {res} .35539

{txt}{ralign 78:(Std. Err. adjusted for {res:217} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0065349{col 26}{space 2} .1027022{col 37}{space 1}   -0.06{col 46}{space 3}0.949{col 54}{space 4}-.2089617{col 67}{space 3} .1958918
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.1098073{col 26}{space 2} .0643105{col 37}{space 1}   -1.71{col 46}{space 3}0.089{col 54}{space 4}-.2365637{col 67}{space 3} .0169491
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0000232{col 26}{space 2} .0001418{col 37}{space 1}   -0.16{col 46}{space 3}0.870{col 54}{space 4}-.0003028{col 67}{space 3} .0002564
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0040075{col 26}{space 2}  .002103{col 37}{space 1}   -1.91{col 46}{space 3}0.058{col 54}{space 4}-.0081525{col 67}{space 3} .0001375
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-1.000152{col 26}{space 2} .5585633{col 37}{space 1}   -1.79{col 46}{space 3}0.075{col 54}{space 4}-2.101084{col 67}{space 3} .1007809
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0822294{col 26}{space 2} .0499493{col 37}{space 1}   -1.65{col 46}{space 3}0.101{col 54}{space 4}-.1806799{col 67}{space 3} .0162211
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .2254811{col 26}{space 2} .5312314{col 37}{space 1}    0.42{col 46}{space 3}0.672{col 54}{space 4}-.8215799{col 67}{space 3} 1.272542
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .5234945{col 26}{space 2} .4743506{col 37}{space 1}    1.10{col 46}{space 3}0.271{col 54}{space 4} -.411454{col 67}{space 3} 1.458443
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0502273{col 26}{space 2} .0277362{col 37}{space 1}    1.81{col 46}{space 3}0.072{col 54}{space 4} -.004441{col 67}{space 3} .1048956
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0042501{col 26}{space 2} .0029835{col 37}{space 1}    1.42{col 46}{space 3}0.156{col 54}{space 4}-.0016304{col 67}{space 3} .0101307
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.3144128{col 26}{space 2} .4822579{col 37}{space 1}   -0.65{col 46}{space 3}0.515{col 54}{space 4}-1.264947{col 67}{space 3} .6361211
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-1.85e-07{col 26}{space 2} 6.82e-07{col 37}{space 1}   -0.27{col 46}{space 3}0.786{col 54}{space 4}-1.53e-06{col 67}{space 3} 1.16e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2}-9.28e-07{col 26}{space 2} 1.38e-06{col 37}{space 1}   -0.67{col 46}{space 3}0.501{col 54}{space 4}-3.64e-06{col 67}{space 3} 1.78e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0909852{col 26}{space 2} .1044949{col 37}{space 1}    0.87{col 46}{space 3}0.385{col 54}{space 4}-.1149751{col 67}{space 3} .2969455
{txt}_Irelatio~20 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1510886{col 26}{space 2} .2566965{col 37}{space 1}    0.59{col 46}{space 3}0.557{col 54}{space 4}-.3548622{col 67}{space 3} .6570393
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0072525{col 26}{space 2} .2243304{col 37}{space 1}   -0.03{col 46}{space 3}0.974{col 54}{space 4}-.4494094{col 67}{space 3} .4349044
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}  -.17224{col 26}{space 2} .2623123{col 37}{space 1}   -0.66{col 46}{space 3}0.512{col 54}{space 4}-.6892596{col 67}{space 3} .3447796
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .0622207{col 26}{space 2} .2294697{col 37}{space 1}    0.27{col 46}{space 3}0.787{col 54}{space 4}-.3900658{col 67}{space 3} .5145071
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0244412{col 26}{space 2} .2659282{col 37}{space 1}    0.09{col 46}{space 3}0.927{col 54}{space 4}-.4997053{col 67}{space 3} .5485877
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} -.036556{col 26}{space 2} .2306932{col 37}{space 1}   -0.16{col 46}{space 3}0.874{col 54}{space 4} -.491254{col 67}{space 3}  .418142
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .0473749{col 26}{space 2} .2160177{col 37}{space 1}    0.22{col 46}{space 3}0.827{col 54}{space 4}-.3783975{col 67}{space 3} .4731473
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .3062551{col 26}{space 2} .2322455{col 37}{space 1}    1.32{col 46}{space 3}0.189{col 54}{space 4}-.1515025{col 67}{space 3} .7640128
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .3524124{col 26}{space 2} .1997592{col 37}{space 1}    1.76{col 46}{space 3}0.079{col 54}{space 4}-.0413144{col 67}{space 3} .7461392
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .1003598{col 26}{space 2} .2557149{col 37}{space 1}    0.39{col 46}{space 3}0.695{col 54}{space 4}-.4036563{col 67}{space 3} .6043758
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .3532007{col 26}{space 2} .1536284{col 37}{space 1}    2.30{col 46}{space 3}0.022{col 54}{space 4} .0503979{col 67}{space 3} .6560035
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .4098679{col 26}{space 2} .1932552{col 37}{space 1}    2.12{col 46}{space 3}0.035{col 54}{space 4} .0289605{col 67}{space 3} .7907754
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .4179165{col 26}{space 2} .1867426{col 37}{space 1}    2.24{col 46}{space 3}0.026{col 54}{space 4} .0498455{col 67}{space 3} .7859875
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .1805938{col 26}{space 2}  .212218{col 37}{space 1}    0.85{col 46}{space 3}0.396{col 54}{space 4}-.2376894{col 67}{space 3}  .598877
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .4449354{col 26}{space 2} .2477082{col 37}{space 1}    1.80{col 46}{space 3}0.074{col 54}{space 4}-.0432992{col 67}{space 3} .9331701
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .7796263{col 26}{space 2} .2784402{col 37}{space 1}    2.80{col 46}{space 3}0.006{col 54}{space 4} .2308186{col 67}{space 3} 1.328434
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .2263236{col 26}{space 2} .2026745{col 37}{space 1}    1.12{col 46}{space 3}0.265{col 54}{space 4}-.1731493{col 67}{space 3} .6257965
{txt}_Iprovinc~41 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.1721958{col 26}{space 2} .2777765{col 37}{space 1}   -0.62{col 46}{space 3}0.536{col 54}{space 4}-.7196955{col 67}{space 3} .3753038
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}  .556472{col 26}{space 2}  .271956{col 37}{space 1}    2.05{col 46}{space 3}0.042{col 54}{space 4} .0204446{col 67}{space 3} 1.092499
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .2979856{col 26}{space 2} .2145739{col 37}{space 1}    1.39{col 46}{space 3}0.166{col 54}{space 4}-.1249411{col 67}{space 3} .7209123
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .3420657{col 26}{space 2} .2542429{col 37}{space 1}    1.35{col 46}{space 3}0.180{col 54}{space 4}-.1590489{col 67}{space 3} .8431803
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .2854216{col 26}{space 2} .2818608{col 37}{space 1}    1.01{col 46}{space 3}0.312{col 54}{space 4}-.2701282{col 67}{space 3} .8409714
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .5776854{col 26}{space 2} .3216672{col 37}{space 1}    1.80{col 46}{space 3}0.074{col 54}{space 4} -.056323{col 67}{space 3} 1.211694
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2} .6770956{col 26}{space 2} .2514684{col 37}{space 1}    2.69{col 46}{space 3}0.008{col 54}{space 4} .1814494{col 67}{space 3} 1.172742
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7960259{col 26}{space 2} .0918997{col 37}{space 1}   -8.66{col 46}{space 3}0.000{col 54}{space 4}-.9771609{col 67}{space 3}-.6148909
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.8047197{col 26}{space 2} .0987848{col 37}{space 1}   -8.15{col 46}{space 3}0.000{col 54}{space 4}-.9994251{col 67}{space 3}-.6100142
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} -.828827{col 26}{space 2} .1087106{col 37}{space 1}   -7.62{col 46}{space 3}0.000{col 54}{space 4}-1.043096{col 67}{space 3}-.6145577
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8332721{col 26}{space 2} .1138034{col 37}{space 1}   -7.32{col 46}{space 3}0.000{col 54}{space 4} -1.05758{col 67}{space 3}-.6089647
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}  -.88953{col 26}{space 2} .1081841{col 37}{space 1}   -8.22{col 46}{space 3}0.000{col 54}{space 4}-1.102762{col 67}{space 3}-.6762984
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7753941{col 26}{space 2} .1188945{col 37}{space 1}   -6.52{col 46}{space 3}0.000{col 54}{space 4}-1.009736{col 67}{space 3}-.5410522
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.9221549{col 26}{space 2} .1146377{col 37}{space 1}   -8.04{col 46}{space 3}0.000{col 54}{space 4}-1.148107{col 67}{space 3}-.6962032
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.801758{col 26}{space 2} 2.644196{col 37}{space 1}    2.19{col 46}{space 3}0.029{col 54}{space 4} .5900271{col 67}{space 3} 11.01349
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (217 categories)

{com}. est store nm13
{txt}
{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==3, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_20 omitted because of collinearity
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__41 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__51 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}     694
{col 56}{help j_robustsingular:F( 40, 216)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.6132
{txt}{col 56}Adj R-squared ={res}  0.3794
{txt}{col 56}Root MSE      = {res} .34214

{txt}{ralign 78:(Std. Err. adjusted for {res:217} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0105188{col 26}{space 2} .0922307{col 37}{space 1}   -0.11{col 46}{space 3}0.909{col 54}{space 4}-.1923062{col 67}{space 3} .1712686
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0934381{col 26}{space 2}   .06139{col 37}{space 1}   -1.52{col 46}{space 3}0.129{col 54}{space 4}-.2144382{col 67}{space 3}  .027562
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0000639{col 26}{space 2} .0001032{col 37}{space 1}   -0.62{col 46}{space 3}0.537{col 54}{space 4}-.0002673{col 67}{space 3} .0001396
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0036946{col 26}{space 2} .0018607{col 37}{space 1}   -1.99{col 46}{space 3}0.048{col 54}{space 4} -.007362{col 67}{space 3}-.0000271
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.7840189{col 26}{space 2} .5138147{col 37}{space 1}   -1.53{col 46}{space 3}0.129{col 54}{space 4}-1.796751{col 67}{space 3} .2287136
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0712854{col 26}{space 2} .0504902{col 37}{space 1}   -1.41{col 46}{space 3}0.159{col 54}{space 4}-.1708019{col 67}{space 3} .0282311
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .1164232{col 26}{space 2} .4871048{col 37}{space 1}    0.24{col 46}{space 3}0.811{col 54}{space 4}-.8436639{col 67}{space 3}  1.07651
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .4842884{col 26}{space 2} .4759208{col 37}{space 1}    1.02{col 46}{space 3}0.310{col 54}{space 4} -.453755{col 67}{space 3} 1.422332
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2}  .038758{col 26}{space 2} .0253454{col 37}{space 1}    1.53{col 46}{space 3}0.128{col 54}{space 4} -.011198{col 67}{space 3}  .088714
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0033697{col 26}{space 2} .0031147{col 37}{space 1}    1.08{col 46}{space 3}0.281{col 54}{space 4}-.0027695{col 67}{space 3} .0095089
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.3298026{col 26}{space 2} .4837419{col 37}{space 1}   -0.68{col 46}{space 3}0.496{col 54}{space 4}-1.283261{col 67}{space 3} .6236563
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-1.15e-08{col 26}{space 2} 5.85e-07{col 37}{space 1}   -0.02{col 46}{space 3}0.984{col 54}{space 4}-1.17e-06{col 67}{space 3} 1.14e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 4.02e-08{col 26}{space 2} 1.23e-06{col 37}{space 1}    0.03{col 46}{space 3}0.974{col 54}{space 4}-2.39e-06{col 67}{space 3} 2.47e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0412295{col 26}{space 2} .0850203{col 37}{space 1}    0.48{col 46}{space 3}0.628{col 54}{space 4} -.126346{col 67}{space 3} .2088051
{txt}_Irelatio~20 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1588588{col 26}{space 2} .2030005{col 37}{space 1}    0.78{col 46}{space 3}0.435{col 54}{space 4}-.2412567{col 67}{space 3} .5589743
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}  .029592{col 26}{space 2} .1680048{col 37}{space 1}    0.18{col 46}{space 3}0.860{col 54}{space 4}-.3015468{col 67}{space 3} .3607308
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.1228939{col 26}{space 2} .2013257{col 37}{space 1}   -0.61{col 46}{space 3}0.542{col 54}{space 4}-.5197083{col 67}{space 3} .2739205
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}  .067256{col 26}{space 2} .1696291{col 37}{space 1}    0.40{col 46}{space 3}0.692{col 54}{space 4}-.2670842{col 67}{space 3} .4015961
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0387162{col 26}{space 2} .2051818{col 37}{space 1}    0.19{col 46}{space 3}0.851{col 54}{space 4}-.3656986{col 67}{space 3} .4431311
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.0308392{col 26}{space 2}  .169079{col 37}{space 1}   -0.18{col 46}{space 3}0.855{col 54}{space 4}-.3640951{col 67}{space 3} .3024167
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .0848467{col 26}{space 2} .1561972{col 37}{space 1}    0.54{col 46}{space 3}0.588{col 54}{space 4}-.2230191{col 67}{space 3} .3927125
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .2883226{col 26}{space 2} .1936333{col 37}{space 1}    1.49{col 46}{space 3}0.138{col 54}{space 4}-.0933301{col 67}{space 3} .6699754
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .2270383{col 26}{space 2} .1482358{col 37}{space 1}    1.53{col 46}{space 3}0.127{col 54}{space 4}-.0651356{col 67}{space 3} .5192122
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0118533{col 26}{space 2} .1982844{col 37}{space 1}    0.06{col 46}{space 3}0.952{col 54}{space 4}-.3789667{col 67}{space 3} .4026732
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .2310729{col 26}{space 2} .1289275{col 37}{space 1}    1.79{col 46}{space 3}0.074{col 54}{space 4}-.0230442{col 67}{space 3}   .48519
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .2619199{col 26}{space 2} .1622812{col 37}{space 1}    1.61{col 46}{space 3}0.108{col 54}{space 4}-.0579376{col 67}{space 3} .5817775
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .2975659{col 26}{space 2} .1518805{col 37}{space 1}    1.96{col 46}{space 3}0.051{col 54}{space 4}-.0017916{col 67}{space 3} .5969235
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .1109732{col 26}{space 2} .1932575{col 37}{space 1}    0.57{col 46}{space 3}0.566{col 54}{space 4}-.2699388{col 67}{space 3} .4918852
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .2638271{col 26}{space 2} .1896967{col 37}{space 1}    1.39{col 46}{space 3}0.166{col 54}{space 4}-.1100664{col 67}{space 3} .6377207
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2}  .324646{col 26}{space 2} .2388314{col 37}{space 1}    1.36{col 46}{space 3}0.175{col 54}{space 4}-.1460925{col 67}{space 3} .7953846
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1270226{col 26}{space 2} .1590892{col 37}{space 1}    0.80{col 46}{space 3}0.425{col 54}{space 4}-.1865433{col 67}{space 3} .4405885
{txt}_Iprovinc~41 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.3141304{col 26}{space 2} .2247597{col 37}{space 1}   -1.40{col 46}{space 3}0.164{col 54}{space 4}-.7571335{col 67}{space 3} .1288728
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .4745224{col 26}{space 2}   .24692{col 37}{space 1}    1.92{col 46}{space 3}0.056{col 54}{space 4}-.0121587{col 67}{space 3} .9612036
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .1793742{col 26}{space 2} .1763705{col 37}{space 1}    1.02{col 46}{space 3}0.310{col 54}{space 4}-.1682534{col 67}{space 3} .5270018
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .2885539{col 26}{space 2} .2220698{col 37}{space 1}    1.30{col 46}{space 3}0.195{col 54}{space 4}-.1491474{col 67}{space 3} .7262552
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.0247847{col 26}{space 2} .2572154{col 37}{space 1}   -0.10{col 46}{space 3}0.923{col 54}{space 4}-.5317581{col 67}{space 3} .4821888
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .4232261{col 26}{space 2} .2832049{col 37}{space 1}    1.49{col 46}{space 3}0.137{col 54}{space 4}-.1349729{col 67}{space 3} .9814251
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2} .3685504{col 26}{space 2}   .19868{col 37}{space 1}    1.85{col 46}{space 3}0.065{col 54}{space 4}-.0230493{col 67}{space 3}   .76015
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.8207229{col 26}{space 2} .0904462{col 37}{space 1}   -9.07{col 46}{space 3}0.000{col 54}{space 4}-.9989931{col 67}{space 3}-.6424527
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7468343{col 26}{space 2} .0964977{col 37}{space 1}   -7.74{col 46}{space 3}0.000{col 54}{space 4}-.9370321{col 67}{space 3}-.5566365
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.8246316{col 26}{space 2}  .109156{col 37}{space 1}   -7.55{col 46}{space 3}0.000{col 54}{space 4}-1.039779{col 67}{space 3}-.6094842
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8054382{col 26}{space 2} .1050545{col 37}{space 1}   -7.67{col 46}{space 3}0.000{col 54}{space 4}-1.012501{col 67}{space 3} -.598375
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8350273{col 26}{space 2} .1032576{col 37}{space 1}   -8.09{col 46}{space 3}0.000{col 54}{space 4}-1.038549{col 67}{space 3}-.6315058
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7392474{col 26}{space 2} .1126899{col 37}{space 1}   -6.56{col 46}{space 3}0.000{col 54}{space 4}  -.96136{col 67}{space 3}-.5171349
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8878719{col 26}{space 2} .1094516{col 37}{space 1}   -8.11{col 46}{space 3}0.000{col 54}{space 4}-1.103602{col 67}{space 3}-.6721421
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  4.93192{col 26}{space 2} 2.483471{col 37}{space 1}    1.99{col 46}{space 3}0.048{col 54}{space 4} .0369804{col 67}{space 3} 9.826859
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (217 categories)

{com}. est store roa13
{txt}
{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==3, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_20 omitted because of collinearity
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__41 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__51 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}     694
{col 56}{help j_robustsingular:F( 40, 216)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.5155
{txt}{col 56}Adj R-squared ={res}  0.2227
{txt}{col 56}Root MSE      = {res} .48125

{txt}{ralign 78:(Std. Err. adjusted for {res:217} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0117022{col 26}{space 2} .1330484{col 37}{space 1}    0.09{col 46}{space 3}0.930{col 54}{space 4}-.2505371{col 67}{space 3} .2739415
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.1483472{col 26}{space 2} .0908127{col 37}{space 1}   -1.63{col 46}{space 3}0.104{col 54}{space 4}-.3273397{col 67}{space 3} .0306454
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0000121{col 26}{space 2} .0001584{col 37}{space 1}   -0.08{col 46}{space 3}0.939{col 54}{space 4}-.0003244{col 67}{space 3} .0003002
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0045029{col 26}{space 2} .0025036{col 37}{space 1}   -1.80{col 46}{space 3}0.073{col 54}{space 4}-.0094376{col 67}{space 3} .0004318
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-1.158014{col 26}{space 2} .6558685{col 37}{space 1}   -1.77{col 46}{space 3}0.079{col 54}{space 4}-2.450736{col 67}{space 3} .1347076
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0800733{col 26}{space 2} .0622775{col 37}{space 1}   -1.29{col 46}{space 3}0.200{col 54}{space 4}-.2028227{col 67}{space 3}  .042676
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .5312437{col 26}{space 2} .6016942{col 37}{space 1}    0.88{col 46}{space 3}0.378{col 54}{space 4}-.6547001{col 67}{space 3} 1.717187
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .8373675{col 26}{space 2} .6618382{col 37}{space 1}    1.27{col 46}{space 3}0.207{col 54}{space 4}-.4671205{col 67}{space 3} 2.141856
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0581016{col 26}{space 2} .0317629{col 37}{space 1}    1.83{col 46}{space 3}0.069{col 54}{space 4}-.0045032{col 67}{space 3} .1207065
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0033566{col 26}{space 2} .0038325{col 37}{space 1}    0.88{col 46}{space 3}0.382{col 54}{space 4}-.0041973{col 67}{space 3} .0109105
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.4400772{col 26}{space 2} .6931185{col 37}{space 1}   -0.63{col 46}{space 3}0.526{col 54}{space 4}-1.806219{col 67}{space 3} .9260645
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-4.39e-07{col 26}{space 2} 7.86e-07{col 37}{space 1}   -0.56{col 46}{space 3}0.577{col 54}{space 4}-1.99e-06{col 67}{space 3} 1.11e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 4.34e-07{col 26}{space 2} 1.33e-06{col 37}{space 1}    0.33{col 46}{space 3}0.744{col 54}{space 4}-2.18e-06{col 67}{space 3} 3.05e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0717184{col 26}{space 2} .1047054{col 37}{space 1}    0.68{col 46}{space 3}0.494{col 54}{space 4}-.1346568{col 67}{space 3} .2780935
{txt}_Irelatio~20 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .2062953{col 26}{space 2} .2689341{col 37}{space 1}    0.77{col 46}{space 3}0.444{col 54}{space 4}-.3237758{col 67}{space 3} .7363663
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .0526213{col 26}{space 2} .1891394{col 37}{space 1}    0.28{col 46}{space 3}0.781{col 54}{space 4}-.3201738{col 67}{space 3} .4254165
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.2925853{col 26}{space 2} .3225185{col 37}{space 1}   -0.91{col 46}{space 3}0.365{col 54}{space 4}-.9282717{col 67}{space 3} .3431011
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1127017{col 26}{space 2} .1904861{col 37}{space 1}    0.59{col 46}{space 3}0.555{col 54}{space 4}-.2627478{col 67}{space 3} .4881512
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0722809{col 26}{space 2} .2533266{col 37}{space 1}    0.29{col 46}{space 3}0.776{col 54}{space 4}-.4270276{col 67}{space 3} .5715895
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.0868376{col 26}{space 2} .2082538{col 37}{space 1}   -0.42{col 46}{space 3}0.677{col 54}{space 4}-.4973074{col 67}{space 3} .3236323
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .0922864{col 26}{space 2} .1753509{col 37}{space 1}    0.53{col 46}{space 3}0.599{col 54}{space 4}-.2533316{col 67}{space 3} .4379044
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .7054238{col 26}{space 2} .3290882{col 37}{space 1}    2.14{col 46}{space 3}0.033{col 54}{space 4} .0567885{col 67}{space 3} 1.354059
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .3936424{col 26}{space 2} .2683301{col 37}{space 1}    1.47{col 46}{space 3}0.144{col 54}{space 4}-.1352383{col 67}{space 3} .9225231
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .1086687{col 26}{space 2} .3225218{col 37}{space 1}    0.34{col 46}{space 3}0.736{col 54}{space 4}-.5270242{col 67}{space 3} .7443616
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .4255222{col 26}{space 2}  .223518{col 37}{space 1}    1.90{col 46}{space 3}0.058{col 54}{space 4}-.0150334{col 67}{space 3} .8660778
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .5013188{col 26}{space 2} .2738007{col 37}{space 1}    1.83{col 46}{space 3}0.068{col 54}{space 4}-.0383445{col 67}{space 3} 1.040982
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .5363597{col 26}{space 2} .2700411{col 37}{space 1}    1.99{col 46}{space 3}0.048{col 54}{space 4} .0041067{col 67}{space 3} 1.068613
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}  .735481{col 26}{space 2} .2875053{col 37}{space 1}    2.56{col 46}{space 3}0.011{col 54}{space 4} .1688058{col 67}{space 3} 1.302156
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .4659283{col 26}{space 2} .2788244{col 37}{space 1}    1.67{col 46}{space 3}0.096{col 54}{space 4}-.0836367{col 67}{space 3} 1.015493
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2}-.0624626{col 26}{space 2} .3313931{col 37}{space 1}   -0.19{col 46}{space 3}0.851{col 54}{space 4}-.7156408{col 67}{space 3} .5907156
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}  .264772{col 26}{space 2} .3228968{col 37}{space 1}    0.82{col 46}{space 3}0.413{col 54}{space 4}-.3716599{col 67}{space 3}  .901204
{txt}_Iprovinc~41 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.2417417{col 26}{space 2} .3663083{col 37}{space 1}   -0.66{col 46}{space 3}0.510{col 54}{space 4}-.9637382{col 67}{space 3} .4802548
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .9142613{col 26}{space 2} .3838395{col 37}{space 1}    2.38{col 46}{space 3}0.018{col 54}{space 4} .1577108{col 67}{space 3} 1.670812
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .5614637{col 26}{space 2}  .288311{col 37}{space 1}    1.95{col 46}{space 3}0.053{col 54}{space 4}-.0067994{col 67}{space 3} 1.129727
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .5722125{col 26}{space 2} .3200549{col 37}{space 1}    1.79{col 46}{space 3}0.075{col 54}{space 4} -.058618{col 67}{space 3} 1.203043
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .3003904{col 26}{space 2} .3746011{col 37}{space 1}    0.80{col 46}{space 3}0.423{col 54}{space 4}-.4379513{col 67}{space 3} 1.038732
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .7310206{col 26}{space 2} .4549049{col 37}{space 1}    1.61{col 46}{space 3}0.110{col 54}{space 4}-.1656004{col 67}{space 3} 1.627642
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2} .5496071{col 26}{space 2} .3502444{col 37}{space 1}    1.57{col 46}{space 3}0.118{col 54}{space 4}-.1407272{col 67}{space 3} 1.239942
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7418837{col 26}{space 2} .1149417{col 37}{space 1}   -6.45{col 46}{space 3}0.000{col 54}{space 4}-.9684346{col 67}{space 3}-.5153328
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7269378{col 26}{space 2} .1176636{col 37}{space 1}   -6.18{col 46}{space 3}0.000{col 54}{space 4}-.9588536{col 67}{space 3}-.4950221
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.8134216{col 26}{space 2} .1393052{col 37}{space 1}   -5.84{col 46}{space 3}0.000{col 54}{space 4}-1.087993{col 67}{space 3}-.5388501
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6719474{col 26}{space 2} .1271412{col 37}{space 1}   -5.29{col 46}{space 3}0.000{col 54}{space 4}-.9225437{col 67}{space 3}-.4213512
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7223447{col 26}{space 2} .1359707{col 37}{space 1}   -5.31{col 46}{space 3}0.000{col 54}{space 4}-.9903441{col 67}{space 3}-.4543454
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6221483{col 26}{space 2} .1493331{col 37}{space 1}   -4.17{col 46}{space 3}0.000{col 54}{space 4}-.9164848{col 67}{space 3}-.3278117
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7987139{col 26}{space 2}  .141794{col 37}{space 1}   -5.63{col 46}{space 3}0.000{col 54}{space 4}-1.078191{col 67}{space 3}-.5192368
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 6.316975{col 26}{space 2} 3.233168{col 37}{space 1}    1.95{col 46}{space 3}0.052{col 54}{space 4}-.0556226{col 67}{space 3} 12.68957
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (217 categories)

{com}. est store roe13
{txt}
{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==4, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}     701
{col 56}{help j_robustsingular:F( 45, 211)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.6366
{txt}{col 56}Adj R-squared ={res}  0.4205
{txt}{col 56}Root MSE      = {res}  .3485

{txt}{ralign 78:(Std. Err. adjusted for {res:212} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0205277{col 26}{space 2} .0845287{col 37}{space 1}   -0.24{col 46}{space 3}0.808{col 54}{space 4}-.1871566{col 67}{space 3} .1461012
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0411398{col 26}{space 2} .0656188{col 37}{space 1}    0.63{col 46}{space 3}0.531{col 54}{space 4}-.0882127{col 67}{space 3} .1704923
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} .0000309{col 26}{space 2} .0000519{col 37}{space 1}    0.60{col 46}{space 3}0.552{col 54}{space 4}-.0000713{col 67}{space 3} .0001331
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0012347{col 26}{space 2} .0022891{col 37}{space 1}    0.54{col 46}{space 3}0.590{col 54}{space 4}-.0032778{col 67}{space 3} .0057471
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.6336446{col 26}{space 2} .6156026{col 37}{space 1}   -1.03{col 46}{space 3}0.305{col 54}{space 4}-1.847164{col 67}{space 3} .5798748
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1442743{col 26}{space 2} .0303588{col 37}{space 1}   -4.75{col 46}{space 3}0.000{col 54}{space 4}-.2041197{col 67}{space 3}-.0844288
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2291462{col 26}{space 2} .4423821{col 37}{space 1}   -0.52{col 46}{space 3}0.605{col 54}{space 4}-1.101201{col 67}{space 3} .6429087
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .2959681{col 26}{space 2}  .434796{col 37}{space 1}    0.68{col 46}{space 3}0.497{col 54}{space 4}-.5611326{col 67}{space 3} 1.153069
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0280605{col 26}{space 2} .0280605{col 37}{space 1}    1.00{col 46}{space 3}0.318{col 54}{space 4}-.0272542{col 67}{space 3} .0833753
{txt}{space 7}agesq {c |}{col 14}{res}{space 2}  .008731{col 26}{space 2} .0019363{col 37}{space 1}    4.51{col 46}{space 3}0.000{col 54}{space 4}  .004914{col 67}{space 3}  .012548
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.1040515{col 26}{space 2} .4459232{col 37}{space 1}   -0.23{col 46}{space 3}0.816{col 54}{space 4}-.9830868{col 67}{space 3} .7749838
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 1.21e-07{col 26}{space 2} 5.47e-07{col 37}{space 1}    0.22{col 46}{space 3}0.825{col 54}{space 4}-9.58e-07{col 67}{space 3} 1.20e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 2.81e-07{col 26}{space 2} 5.64e-07{col 37}{space 1}    0.50{col 46}{space 3}0.620{col 54}{space 4}-8.32e-07{col 67}{space 3} 1.39e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0056185{col 26}{space 2} .0233884{col 37}{space 1}    0.24{col 46}{space 3}0.810{col 54}{space 4}-.0404863{col 67}{space 3} .0517233
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .0720833{col 26}{space 2} .2975394{col 37}{space 1}    0.24{col 46}{space 3}0.809{col 54}{space 4}-.5144473{col 67}{space 3} .6586139
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}  .299079{col 26}{space 2}  .278149{col 37}{space 1}    1.08{col 46}{space 3}0.283{col 54}{space 4}-.2492279{col 67}{space 3} .8473859
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}  .086831{col 26}{space 2} .2707498{col 37}{space 1}    0.32{col 46}{space 3}0.749{col 54}{space 4}-.4468902{col 67}{space 3} .6205522
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}  .022673{col 26}{space 2} .4049785{col 37}{space 1}    0.06{col 46}{space 3}0.955{col 54}{space 4}-.7756493{col 67}{space 3} .8209953
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .0745031{col 26}{space 2} .2751411{col 37}{space 1}    0.27{col 46}{space 3}0.787{col 54}{space 4}-.4678745{col 67}{space 3} .6168807
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .2093723{col 26}{space 2} .2996136{col 37}{space 1}    0.70{col 46}{space 3}0.485{col 54}{space 4}-.3812471{col 67}{space 3} .7999918
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.1332211{col 26}{space 2} .3574853{col 37}{space 1}   -0.37{col 46}{space 3}0.710{col 54}{space 4}-.8379213{col 67}{space 3} .5714791
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .3253027{col 26}{space 2} .2815152{col 37}{space 1}    1.16{col 46}{space 3}0.249{col 54}{space 4}-.2296399{col 67}{space 3} .8802453
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .0732273{col 26}{space 2} .2654412{col 37}{space 1}    0.28{col 46}{space 3}0.783{col 54}{space 4}-.4500291{col 67}{space 3} .5964838
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.4312895{col 26}{space 2} .2329462{col 37}{space 1}   -1.85{col 46}{space 3}0.066{col 54}{space 4}-.8904895{col 67}{space 3} .0279105
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .1619487{col 26}{space 2} .3704735{col 37}{space 1}    0.44{col 46}{space 3}0.662{col 54}{space 4} -.568355{col 67}{space 3} .8922523
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.4968698{col 26}{space 2} .1748687{col 37}{space 1}   -2.84{col 46}{space 3}0.005{col 54}{space 4}-.8415834{col 67}{space 3}-.1521562
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0796796{col 26}{space 2} .2657043{col 37}{space 1}    0.30{col 46}{space 3}0.765{col 54}{space 4}-.4440954{col 67}{space 3} .6034547
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.1424578{col 26}{space 2} .2136946{col 37}{space 1}   -0.67{col 46}{space 3}0.506{col 54}{space 4}-.5637077{col 67}{space 3}  .278792
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.1088272{col 26}{space 2}  .233108{col 37}{space 1}   -0.47{col 46}{space 3}0.641{col 54}{space 4}-.5683461{col 67}{space 3} .3506918
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.0978597{col 26}{space 2} .2154441{col 37}{space 1}   -0.45{col 46}{space 3}0.650{col 54}{space 4}-.5225582{col 67}{space 3} .3268389
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.1896629{col 26}{space 2} .6638399{col 37}{space 1}   -0.29{col 46}{space 3}0.775{col 54}{space 4}-1.498271{col 67}{space 3} 1.118945
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.2029118{col 26}{space 2} .2379172{col 37}{space 1}   -0.85{col 46}{space 3}0.395{col 54}{space 4}-.6719111{col 67}{space 3} .2660875
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .1190117{col 26}{space 2} .4055883{col 37}{space 1}    0.29{col 46}{space 3}0.769{col 54}{space 4}-.6805125{col 67}{space 3}  .918536
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.1850599{col 26}{space 2} .2108672{col 37}{space 1}   -0.88{col 46}{space 3}0.381{col 54}{space 4}-.6007363{col 67}{space 3} .2306164
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.4201857{col 26}{space 2} .3143981{col 37}{space 1}   -1.34{col 46}{space 3}0.183{col 54}{space 4}-1.039949{col 67}{space 3} .1995781
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .5819042{col 26}{space 2} .1491375{col 37}{space 1}    3.90{col 46}{space 3}0.000{col 54}{space 4} .2879138{col 67}{space 3} .8758946
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .0920544{col 26}{space 2} .6558559{col 37}{space 1}    0.14{col 46}{space 3}0.889{col 54}{space 4}-1.200815{col 67}{space 3} 1.384924
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.0909538{col 26}{space 2} .2158688{col 37}{space 1}   -0.42{col 46}{space 3}0.674{col 54}{space 4}-.5164895{col 67}{space 3}  .334582
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.6393122{col 26}{space 2} .3685247{col 37}{space 1}   -1.73{col 46}{space 3}0.084{col 54}{space 4}-1.365774{col 67}{space 3} .0871497
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.4259878{col 26}{space 2} .2636009{col 37}{space 1}   -1.62{col 46}{space 3}0.108{col 54}{space 4}-.9456166{col 67}{space 3} .0936409
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .1855821{col 26}{space 2} .2687191{col 37}{space 1}    0.69{col 46}{space 3}0.491{col 54}{space 4}-.3441359{col 67}{space 3} .7153002
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.1271889{col 26}{space 2} .3188796{col 37}{space 1}   -0.40{col 46}{space 3}0.690{col 54}{space 4}-.7557869{col 67}{space 3} .5014091
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .2185015{col 26}{space 2} .3424233{col 37}{space 1}    0.64{col 46}{space 3}0.524{col 54}{space 4}-.4565074{col 67}{space 3} .8935104
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7781626{col 26}{space 2} .0753759{col 37}{space 1}  -10.32{col 46}{space 3}0.000{col 54}{space 4}-.9267489{col 67}{space 3}-.6295763
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.8608901{col 26}{space 2} .0811191{col 37}{space 1}  -10.61{col 46}{space 3}0.000{col 54}{space 4}-1.020798{col 67}{space 3}-.7009825
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7197868{col 26}{space 2} .0811002{col 37}{space 1}   -8.88{col 46}{space 3}0.000{col 54}{space 4}-.8796573{col 67}{space 3}-.5599163
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2} -.810081{col 26}{space 2} .0795362{col 37}{space 1}  -10.19{col 46}{space 3}0.000{col 54}{space 4}-.9668684{col 67}{space 3}-.6532936
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.9072473{col 26}{space 2} .0896773{col 37}{space 1}  -10.12{col 46}{space 3}0.000{col 54}{space 4}-1.084025{col 67}{space 3}-.7304692
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.8000787{col 26}{space 2} .0888818{col 37}{space 1}   -9.00{col 46}{space 3}0.000{col 54}{space 4}-.9752888{col 67}{space 3}-.6248686
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8894871{col 26}{space 2} .0933333{col 37}{space 1}   -9.53{col 46}{space 3}0.000{col 54}{space 4}-1.073472{col 67}{space 3}-.7055018
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.758382{col 26}{space 2} 3.259592{col 37}{space 1}    1.46{col 46}{space 3}0.146{col 54}{space 4}-1.667155{col 67}{space 3} 11.18392
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (212 categories)

{com}. est store nm14
{txt}
{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==4, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}     701
{col 56}{help j_robustsingular:F( 45, 211)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.6530
{txt}{col 56}Adj R-squared ={res}  0.4466
{txt}{col 56}Root MSE      = {res} .31775

{txt}{ralign 78:(Std. Err. adjusted for {res:212} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0423461{col 26}{space 2} .0761635{col 37}{space 1}   -0.56{col 46}{space 3}0.579{col 54}{space 4} -.192485{col 67}{space 3} .1077928
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0211338{col 26}{space 2} .0509312{col 37}{space 1}    0.41{col 46}{space 3}0.679{col 54}{space 4}-.0792654{col 67}{space 3} .1215331
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} .0000185{col 26}{space 2} .0000499{col 37}{space 1}    0.37{col 46}{space 3}0.711{col 54}{space 4}-.0000799{col 67}{space 3}  .000117
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0001659{col 26}{space 2} .0021973{col 37}{space 1}    0.08{col 46}{space 3}0.940{col 54}{space 4}-.0041656{col 67}{space 3} .0044974
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.6287972{col 26}{space 2} .5726515{col 37}{space 1}   -1.10{col 46}{space 3}0.273{col 54}{space 4}-1.757648{col 67}{space 3} .5000538
{txt}{space 9}age {c |}{col 14}{res}{space 2} -.135421{col 26}{space 2}  .029581{col 37}{space 1}   -4.58{col 46}{space 3}0.000{col 54}{space 4}-.1937333{col 67}{space 3}-.0771087
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0783251{col 26}{space 2} .4078551{col 37}{space 1}   -0.19{col 46}{space 3}0.848{col 54}{space 4}-.8823179{col 67}{space 3} .7256678
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .2892316{col 26}{space 2} .4257079{col 37}{space 1}    0.68{col 46}{space 3}0.498{col 54}{space 4}-.5499539{col 67}{space 3} 1.128417
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2}   .02768{col 26}{space 2}   .02626{col 37}{space 1}    1.05{col 46}{space 3}0.293{col 54}{space 4}-.0240856{col 67}{space 3} .0794457
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0083785{col 26}{space 2} .0018076{col 37}{space 1}    4.64{col 46}{space 3}0.000{col 54}{space 4} .0048152{col 67}{space 3} .0119418
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.0646915{col 26}{space 2} .4269045{col 37}{space 1}   -0.15{col 46}{space 3}0.880{col 54}{space 4}-.9062358{col 67}{space 3} .7768529
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 1.29e-07{col 26}{space 2} 4.76e-07{col 37}{space 1}    0.27{col 46}{space 3}0.786{col 54}{space 4}-8.09e-07{col 67}{space 3} 1.07e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 5.24e-07{col 26}{space 2} 5.53e-07{col 37}{space 1}    0.95{col 46}{space 3}0.344{col 54}{space 4}-5.66e-07{col 67}{space 3} 1.61e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0008688{col 26}{space 2} .0203242{col 37}{space 1}    0.04{col 46}{space 3}0.966{col 54}{space 4}-.0391958{col 67}{space 3} .0409333
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .0132449{col 26}{space 2} .2728713{col 37}{space 1}    0.05{col 46}{space 3}0.961{col 54}{space 4}-.5246583{col 67}{space 3}  .551148
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1727217{col 26}{space 2} .2573581{col 37}{space 1}    0.67{col 46}{space 3}0.503{col 54}{space 4}-.3346008{col 67}{space 3} .6800441
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .0012418{col 26}{space 2} .2456836{col 37}{space 1}    0.01{col 46}{space 3}0.996{col 54}{space 4} -.483067{col 67}{space 3} .4855507
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.0589856{col 26}{space 2} .3204038{col 37}{space 1}   -0.18{col 46}{space 3}0.854{col 54}{space 4}-.6905883{col 67}{space 3} .5726171
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.0045538{col 26}{space 2} .2524465{col 37}{space 1}   -0.02{col 46}{space 3}0.986{col 54}{space 4}-.5021942{col 67}{space 3} .4930866
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0948998{col 26}{space 2} .2739757{col 37}{space 1}    0.35{col 46}{space 3}0.729{col 54}{space 4}-.4451804{col 67}{space 3}   .63498
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.2167967{col 26}{space 2}   .34487{col 37}{space 1}   -0.63{col 46}{space 3}0.530{col 54}{space 4}-.8966289{col 67}{space 3} .4630355
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .2102655{col 26}{space 2} .2593664{col 37}{space 1}    0.81{col 46}{space 3}0.418{col 54}{space 4}-.3010159{col 67}{space 3} .7215469
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .0202547{col 26}{space 2} .2456352{col 37}{space 1}    0.08{col 46}{space 3}0.934{col 54}{space 4}-.4639588{col 67}{space 3} .5044683
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} -.410792{col 26}{space 2} .1934027{col 37}{space 1}   -2.12{col 46}{space 3}0.035{col 54}{space 4}-.7920411{col 67}{space 3}-.0295429
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .2202282{col 26}{space 2} .3219089{col 37}{space 1}    0.68{col 46}{space 3}0.495{col 54}{space 4}-.4143413{col 67}{space 3} .8547976
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.3736998{col 26}{space 2} .1640362{col 37}{space 1}   -2.28{col 46}{space 3}0.024{col 54}{space 4}-.6970595{col 67}{space 3}  -.05034
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0631444{col 26}{space 2} .2411732{col 37}{space 1}    0.26{col 46}{space 3}0.794{col 54}{space 4}-.4122733{col 67}{space 3} .5385621
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.1044958{col 26}{space 2} .1729942{col 37}{space 1}   -0.60{col 46}{space 3}0.546{col 54}{space 4}-.4455142{col 67}{space 3} .2365226
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0736926{col 26}{space 2} .1899716{col 37}{space 1}   -0.39{col 46}{space 3}0.698{col 54}{space 4} -.448178{col 67}{space 3} .3007927
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.0767643{col 26}{space 2} .1728287{col 37}{space 1}   -0.44{col 46}{space 3}0.657{col 54}{space 4}-.4174564{col 67}{space 3} .2639278
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.2493229{col 26}{space 2} .6197879{col 37}{space 1}   -0.40{col 46}{space 3}0.688{col 54}{space 4}-1.471093{col 67}{space 3} .9724468
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.1592211{col 26}{space 2} .1946141{col 37}{space 1}   -0.82{col 46}{space 3}0.414{col 54}{space 4}-.5428582{col 67}{space 3}  .224416
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .1492069{col 26}{space 2} .3858851{col 37}{space 1}    0.39{col 46}{space 3}0.699{col 54}{space 4}-.6114771{col 67}{space 3} .9098909
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.1946395{col 26}{space 2}  .176189{col 37}{space 1}   -1.10{col 46}{space 3}0.271{col 54}{space 4}-.5419558{col 67}{space 3} .1526767
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.3270223{col 26}{space 2} .2904226{col 37}{space 1}   -1.13{col 46}{space 3}0.261{col 54}{space 4}-.8995239{col 67}{space 3} .2454794
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .5742414{col 26}{space 2}  .144702{col 37}{space 1}    3.97{col 46}{space 3}0.000{col 54}{space 4} .2889947{col 67}{space 3} .8594882
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .0584165{col 26}{space 2} .6144117{col 37}{space 1}    0.10{col 46}{space 3}0.924{col 54}{space 4}-1.152755{col 67}{space 3} 1.269588
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.0788147{col 26}{space 2} .1853568{col 37}{space 1}   -0.43{col 46}{space 3}0.671{col 54}{space 4} -.444203{col 67}{space 3} .2865736
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.5573579{col 26}{space 2} .2601891{col 37}{space 1}   -2.14{col 46}{space 3}0.033{col 54}{space 4}-1.070261{col 67}{space 3}-.0444547
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1642538{col 26}{space 2} .1940273{col 37}{space 1}   -0.85{col 46}{space 3}0.398{col 54}{space 4} -.546734{col 67}{space 3} .2182265
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .2153276{col 26}{space 2} .2246367{col 37}{space 1}    0.96{col 46}{space 3}0.339{col 54}{space 4}-.2274921{col 67}{space 3} .6581473
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.1101706{col 26}{space 2} .3043054{col 37}{space 1}   -0.36{col 46}{space 3}0.718{col 54}{space 4}-.7100388{col 67}{space 3} .4896977
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .2806236{col 26}{space 2} .2805804{col 37}{space 1}    1.00{col 46}{space 3}0.318{col 54}{space 4}-.2724763{col 67}{space 3} .8337236
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.8098559{col 26}{space 2} .0692225{col 37}{space 1}  -11.70{col 46}{space 3}0.000{col 54}{space 4}-.9463123{col 67}{space 3}-.6733996
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.8373467{col 26}{space 2} .0699542{col 37}{space 1}  -11.97{col 46}{space 3}0.000{col 54}{space 4}-.9752453{col 67}{space 3}-.6994482
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6908712{col 26}{space 2} .0758968{col 37}{space 1}   -9.10{col 46}{space 3}0.000{col 54}{space 4}-.8404843{col 67}{space 3}-.5412581
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7851529{col 26}{space 2} .0711376{col 37}{space 1}  -11.04{col 46}{space 3}0.000{col 54}{space 4}-.9253845{col 67}{space 3}-.6449214
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8757454{col 26}{space 2} .0815879{col 37}{space 1}  -10.73{col 46}{space 3}0.000{col 54}{space 4}-1.036577{col 67}{space 3}-.7149137
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.8200545{col 26}{space 2} .0866279{col 37}{space 1}   -9.47{col 46}{space 3}0.000{col 54}{space 4}-.9908216{col 67}{space 3}-.6492875
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8925294{col 26}{space 2} .0877755{col 37}{space 1}  -10.17{col 46}{space 3}0.000{col 54}{space 4}-1.065559{col 67}{space 3}-.7195001
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.796982{col 26}{space 2} 3.039835{col 37}{space 1}    1.58{col 46}{space 3}0.116{col 54}{space 4}-1.195356{col 67}{space 3} 10.78932
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (212 categories)

{com}. est store roa14
{txt}
{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==4, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}     701
{col 56}{help j_robustsingular:F( 45, 211)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.5928
{txt}{col 56}Adj R-squared ={res}  0.3507
{txt}{col 56}Root MSE      = {res} .43807

{txt}{ralign 78:(Std. Err. adjusted for {res:212} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0260137{col 26}{space 2} .1010818{col 37}{space 1}   -0.26{col 46}{space 3}0.797{col 54}{space 4}-.2252733{col 67}{space 3} .1732459
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0627927{col 26}{space 2} .0628033{col 37}{space 1}    1.00{col 46}{space 3}0.319{col 54}{space 4}-.0610096{col 67}{space 3}  .186595
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0000153{col 26}{space 2} .0000662{col 37}{space 1}   -0.23{col 46}{space 3}0.817{col 54}{space 4}-.0001458{col 67}{space 3} .0001151
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0024647{col 26}{space 2} .0029091{col 37}{space 1}    0.85{col 46}{space 3}0.398{col 54}{space 4}  -.00327{col 67}{space 3} .0081994
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.8000333{col 26}{space 2} .6855255{col 37}{space 1}   -1.17{col 46}{space 3}0.245{col 54}{space 4}-2.151389{col 67}{space 3} .5513229
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1573529{col 26}{space 2} .0316071{col 37}{space 1}   -4.98{col 46}{space 3}0.000{col 54}{space 4} -.219659{col 67}{space 3}-.0950468
{txt}{space 7}effic {c |}{col 14}{res}{space 2} -.197722{col 26}{space 2} .5058328{col 37}{space 1}   -0.39{col 46}{space 3}0.696{col 54}{space 4}-1.194855{col 67}{space 3} .7994114
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .2078504{col 26}{space 2}  .646685{col 37}{space 1}    0.32{col 46}{space 3}0.748{col 54}{space 4}-1.066941{col 67}{space 3} 1.482642
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0371936{col 26}{space 2} .0316384{col 37}{space 1}    1.18{col 46}{space 3}0.241{col 54}{space 4}-.0251743{col 67}{space 3} .0995615
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0093935{col 26}{space 2} .0020785{col 37}{space 1}    4.52{col 46}{space 3}0.000{col 54}{space 4} .0052962{col 67}{space 3} .0134908
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .1317263{col 26}{space 2} .7146259{col 37}{space 1}    0.18{col 46}{space 3}0.854{col 54}{space 4}-1.276995{col 67}{space 3} 1.540447
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 1.78e-07{col 26}{space 2} 5.65e-07{col 37}{space 1}    0.31{col 46}{space 3}0.754{col 54}{space 4}-9.37e-07{col 67}{space 3} 1.29e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 7.71e-07{col 26}{space 2} 6.60e-07{col 37}{space 1}    1.17{col 46}{space 3}0.244{col 54}{space 4}-5.30e-07{col 67}{space 3} 2.07e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0021357{col 26}{space 2} .0230114{col 37}{space 1}    0.09{col 46}{space 3}0.926{col 54}{space 4} -.043226{col 67}{space 3} .0474973
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.4325635{col 26}{space 2} .5313949{col 37}{space 1}   -0.81{col 46}{space 3}0.417{col 54}{space 4}-1.480087{col 67}{space 3} .6149596
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.3468179{col 26}{space 2} .5061113{col 37}{space 1}   -0.69{col 46}{space 3}0.494{col 54}{space 4}  -1.3445{col 67}{space 3} .6508644
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.6237392{col 26}{space 2} .5016092{col 37}{space 1}   -1.24{col 46}{space 3}0.215{col 54}{space 4}-1.612547{col 67}{space 3} .3650683
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.6044937{col 26}{space 2} .6125776{col 37}{space 1}   -0.99{col 46}{space 3}0.325{col 54}{space 4} -1.81205{col 67}{space 3} .6030625
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.5697679{col 26}{space 2} .4960779{col 37}{space 1}   -1.15{col 46}{space 3}0.252{col 54}{space 4}-1.547672{col 67}{space 3} .4081359
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.3961165{col 26}{space 2} .5211907{col 37}{space 1}   -0.76{col 46}{space 3}0.448{col 54}{space 4}-1.423524{col 67}{space 3} .6312915
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.8712239{col 26}{space 2} .5790191{col 37}{space 1}   -1.50{col 46}{space 3}0.134{col 54}{space 4}-2.012627{col 67}{space 3} .2701795
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.2295711{col 26}{space 2} .4991637{col 37}{space 1}   -0.46{col 46}{space 3}0.646{col 54}{space 4}-1.213558{col 67}{space 3} .7544157
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.5293074{col 26}{space 2}  .488521{col 37}{space 1}   -1.08{col 46}{space 3}0.280{col 54}{space 4}-1.492314{col 67}{space 3} .4336996
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.3895023{col 26}{space 2} .2762711{col 37}{space 1}   -1.41{col 46}{space 3}0.160{col 54}{space 4}-.9341075{col 67}{space 3} .1551028
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}  .280277{col 26}{space 2} .5254041{col 37}{space 1}    0.53{col 46}{space 3}0.594{col 54}{space 4}-.7554367{col 67}{space 3} 1.315991
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.8903798{col 26}{space 2} .2452532{col 37}{space 1}   -3.63{col 46}{space 3}0.000{col 54}{space 4} -1.37384{col 67}{space 3}-.4069194
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}  .299222{col 26}{space 2} .3265778{col 37}{space 1}    0.92{col 46}{space 3}0.361{col 54}{space 4}-.3445513{col 67}{space 3} .9429953
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0350346{col 26}{space 2} .2486768{col 37}{space 1}   -0.14{col 46}{space 3}0.888{col 54}{space 4}-.5252439{col 67}{space 3} .4551748
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0826492{col 26}{space 2} .2732494{col 37}{space 1}    0.30{col 46}{space 3}0.763{col 54}{space 4}-.4559994{col 67}{space 3} .6212977
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .1327333{col 26}{space 2} .2537217{col 37}{space 1}    0.52{col 46}{space 3}0.601{col 54}{space 4}-.3674208{col 67}{space 3} .6328873
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.5671137{col 26}{space 2} .8150906{col 37}{space 1}   -0.70{col 46}{space 3}0.487{col 54}{space 4}-2.173878{col 67}{space 3}  1.03965
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0026071{col 26}{space 2} .2931179{col 37}{space 1}    0.01{col 46}{space 3}0.993{col 54}{space 4}-.5752077{col 67}{space 3} .5804219
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .5877118{col 26}{space 2} .5356145{col 37}{space 1}    1.10{col 46}{space 3}0.274{col 54}{space 4}-.4681294{col 67}{space 3} 1.643553
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.0383725{col 26}{space 2} .2696182{col 37}{space 1}   -0.14{col 46}{space 3}0.887{col 54}{space 4} -.569863{col 67}{space 3} .4931179
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.2549552{col 26}{space 2} .3604218{col 37}{space 1}   -0.71{col 46}{space 3}0.480{col 54}{space 4}-.9654441{col 67}{space 3} .4555337
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .8693021{col 26}{space 2} .2107701{col 37}{space 1}    4.12{col 46}{space 3}0.000{col 54}{space 4} .4538172{col 67}{space 3} 1.284787
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}-.0886428{col 26}{space 2} .8085597{col 37}{space 1}   -0.11{col 46}{space 3}0.913{col 54}{space 4}-1.682533{col 67}{space 3} 1.505247
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .1048109{col 26}{space 2} .2680657{col 37}{space 1}    0.39{col 46}{space 3}0.696{col 54}{space 4}-.4236191{col 67}{space 3} .6332409
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.5255306{col 26}{space 2} .4095299{col 37}{space 1}   -1.28{col 46}{space 3}0.201{col 54}{space 4}-1.332825{col 67}{space 3} .2817636
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.0322328{col 26}{space 2}  .283082{col 37}{space 1}   -0.11{col 46}{space 3}0.909{col 54}{space 4} -.590264{col 67}{space 3} .5257985
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .7213348{col 26}{space 2} .3309423{col 37}{space 1}    2.18{col 46}{space 3}0.030{col 54}{space 4} .0689579{col 67}{space 3} 1.373712
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.0026582{col 26}{space 2} .4147195{col 37}{space 1}   -0.01{col 46}{space 3}0.995{col 54}{space 4}-.8201826{col 67}{space 3} .8148662
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .3486246{col 26}{space 2} .3840584{col 37}{space 1}    0.91{col 46}{space 3}0.365{col 54}{space 4}-.4084584{col 67}{space 3} 1.105708
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.842749{col 26}{space 2} .0941246{col 37}{space 1}   -8.95{col 46}{space 3}0.000{col 54}{space 4}-1.028294{col 67}{space 3} -.657204
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.8312364{col 26}{space 2} .0966303{col 37}{space 1}   -8.60{col 46}{space 3}0.000{col 54}{space 4}-1.021721{col 67}{space 3}-.6407519
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} -.626944{col 26}{space 2} .0928013{col 37}{space 1}   -6.76{col 46}{space 3}0.000{col 54}{space 4}-.8098804{col 67}{space 3}-.4440076
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7192415{col 26}{space 2} .0876755{col 37}{space 1}   -8.20{col 46}{space 3}0.000{col 54}{space 4}-.8920736{col 67}{space 3}-.5464093
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8507884{col 26}{space 2} .0913012{col 37}{space 1}   -9.32{col 46}{space 3}0.000{col 54}{space 4}-1.030768{col 67}{space 3} -.670809
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.8333353{col 26}{space 2}   .10925{col 37}{space 1}   -7.63{col 46}{space 3}0.000{col 54}{space 4}-1.048697{col 67}{space 3} -.617974
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.9199604{col 26}{space 2} .1109187{col 37}{space 1}   -8.29{col 46}{space 3}0.000{col 54}{space 4}-1.138611{col 67}{space 3}-.7013097
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 6.030394{col 26}{space 2} 3.598654{col 37}{space 1}    1.68{col 46}{space 3}0.095{col 54}{space 4}-1.063526{col 67}{space 3} 13.12431
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (212 categories)

{com}. est store roe14
{txt}
{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==5, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}     902
{col 56}{help j_robustsingular:F( 43, 224)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.5837
{txt}{col 56}Adj R-squared ={res}  0.4018
{txt}{col 56}Root MSE      = {res} .36501

{txt}{ralign 78:(Std. Err. adjusted for {res:225} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0620591{col 26}{space 2} .0721475{col 37}{space 1}   -0.86{col 46}{space 3}0.391{col 54}{space 4}-.2042338{col 67}{space 3} .0801156
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0393085{col 26}{space 2} .0570161{col 37}{space 1}    0.69{col 46}{space 3}0.491{col 54}{space 4} -.073048{col 67}{space 3}  .151665
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-1.92e-06{col 26}{space 2} 4.23e-06{col 37}{space 1}   -0.45{col 46}{space 3}0.650{col 54}{space 4}-.0000103{col 67}{space 3} 6.41e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0012281{col 26}{space 2} .0020273{col 37}{space 1}    0.61{col 46}{space 3}0.545{col 54}{space 4}-.0027669{col 67}{space 3} .0052231
{txt}{space 3}logassets {c |}{col 14}{res}{space 2} -1.51899{col 26}{space 2} .4001009{col 37}{space 1}   -3.80{col 46}{space 3}0.000{col 54}{space 4}-2.307434{col 67}{space 3} -.730547
{txt}{space 9}age {c |}{col 14}{res}{space 2} -.115245{col 26}{space 2}  .025557{col 37}{space 1}   -4.51{col 46}{space 3}0.000{col 54}{space 4}-.1656079{col 67}{space 3} -.064882
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.3138837{col 26}{space 2} .4070774{col 37}{space 1}   -0.77{col 46}{space 3}0.441{col 54}{space 4}-1.116075{col 67}{space 3} .4883074
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .4554702{col 26}{space 2} .3800543{col 37}{space 1}    1.20{col 46}{space 3}0.232{col 54}{space 4}-.2934689{col 67}{space 3} 1.204409
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0662879{col 26}{space 2} .0171662{col 37}{space 1}    3.86{col 46}{space 3}0.000{col 54}{space 4} .0324601{col 67}{space 3} .1001158
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0069505{col 26}{space 2} .0014805{col 37}{space 1}    4.69{col 46}{space 3}0.000{col 54}{space 4}  .004033{col 67}{space 3}  .009868
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} -.194784{col 26}{space 2}  .396983{col 37}{space 1}   -0.49{col 46}{space 3}0.624{col 54}{space 4} -.977083{col 67}{space 3}  .587515
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 2.31e-07{col 26}{space 2} 4.00e-07{col 37}{space 1}    0.58{col 46}{space 3}0.565{col 54}{space 4}-5.58e-07{col 67}{space 3} 1.02e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 1.49e-07{col 26}{space 2} 5.18e-07{col 37}{space 1}    0.29{col 46}{space 3}0.775{col 54}{space 4}-8.73e-07{col 67}{space 3} 1.17e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0223724{col 26}{space 2} .0919788{col 37}{space 1}   -0.24{col 46}{space 3}0.808{col 54}{space 4}-.2036268{col 67}{space 3} .1588821
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .0945476{col 26}{space 2} .2250967{col 37}{space 1}    0.42{col 46}{space 3}0.675{col 54}{space 4}-.3490304{col 67}{space 3} .5381257
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1172078{col 26}{space 2} .1654184{col 37}{space 1}    0.71{col 46}{space 3}0.479{col 54}{space 4}-.2087675{col 67}{space 3} .4431832
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .0789717{col 26}{space 2} .1739207{col 37}{space 1}    0.45{col 46}{space 3}0.650{col 54}{space 4}-.2637584{col 67}{space 3} .4217019
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.2976139{col 26}{space 2} .3107647{col 37}{space 1}   -0.96{col 46}{space 3}0.339{col 54}{space 4}-.9100102{col 67}{space 3} .3147825
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .0232253{col 26}{space 2} .1828865{col 37}{space 1}    0.13{col 46}{space 3}0.899{col 54}{space 4}-.3371728{col 67}{space 3} .3836234
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0403833{col 26}{space 2} .1810639{col 37}{space 1}    0.22{col 46}{space 3}0.824{col 54}{space 4}-.3164233{col 67}{space 3} .3971898
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} 1.455931{col 26}{space 2} .2835442{col 37}{space 1}    5.13{col 46}{space 3}0.000{col 54}{space 4} .8971755{col 67}{space 3} 2.014686
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .0609486{col 26}{space 2} .1820589{col 37}{space 1}    0.33{col 46}{space 3}0.738{col 54}{space 4}-.2978187{col 67}{space 3} .4197158
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .0427201{col 26}{space 2} .1602579{col 37}{space 1}    0.27{col 46}{space 3}0.790{col 54}{space 4}-.2730858{col 67}{space 3} .3585261
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0734141{col 26}{space 2} .1769593{col 37}{space 1}    0.41{col 46}{space 3}0.679{col 54}{space 4}-.2753038{col 67}{space 3} .4221321
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .1332847{col 26}{space 2} .1702471{col 37}{space 1}    0.78{col 46}{space 3}0.435{col 54}{space 4}-.2022061{col 67}{space 3} .4687754
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .1735836{col 26}{space 2} .1489137{col 37}{space 1}    1.17{col 46}{space 3}0.245{col 54}{space 4}-.1198674{col 67}{space 3} .4670347
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .8492297{col 26}{space 2} .1889259{col 37}{space 1}    4.50{col 46}{space 3}0.000{col 54}{space 4} .4769303{col 67}{space 3} 1.221529
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .2618909{col 26}{space 2} .1753765{col 37}{space 1}    1.49{col 46}{space 3}0.137{col 54}{space 4}-.0837081{col 67}{space 3} .6074898
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .1527394{col 26}{space 2} .1196758{col 37}{space 1}    1.28{col 46}{space 3}0.203{col 54}{space 4} -.083095{col 67}{space 3} .3885738
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .2885866{col 26}{space 2}  .125184{col 37}{space 1}    2.31{col 46}{space 3}0.022{col 54}{space 4} .0418977{col 67}{space 3} .5352755
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} -.085826{col 26}{space 2} .2256546{col 37}{space 1}   -0.38{col 46}{space 3}0.704{col 54}{space 4}-.5305035{col 67}{space 3} .3588515
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .2253012{col 26}{space 2} .1516125{col 37}{space 1}    1.49{col 46}{space 3}0.139{col 54}{space 4}-.0734681{col 67}{space 3} .5240705
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .3730803{col 26}{space 2} .1939395{col 37}{space 1}    1.92{col 46}{space 3}0.056{col 54}{space 4}-.0090991{col 67}{space 3} .7552596
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .2191018{col 26}{space 2} .1169999{col 37}{space 1}    1.87{col 46}{space 3}0.062{col 54}{space 4}-.0114594{col 67}{space 3}  .449663
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0837846{col 26}{space 2} .1268821{col 37}{space 1}    0.66{col 46}{space 3}0.510{col 54}{space 4}-.1662506{col 67}{space 3} .3338197
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .1649471{col 26}{space 2} .2991097{col 37}{space 1}    0.55{col 46}{space 3}0.582{col 54}{space 4}-.4244817{col 67}{space 3} .7543759
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .3281349{col 26}{space 2} .1932786{col 37}{space 1}    1.70{col 46}{space 3}0.091{col 54}{space 4}-.0527421{col 67}{space 3} .7090119
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .2211348{col 26}{space 2} .1514235{col 37}{space 1}    1.46{col 46}{space 3}0.146{col 54}{space 4} -.077262{col 67}{space 3} .5195316
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.0908664{col 26}{space 2} .1342503{col 37}{space 1}   -0.68{col 46}{space 3}0.499{col 54}{space 4}-.3554216{col 67}{space 3} .1736888
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.3460255{col 26}{space 2} .3537625{col 37}{space 1}   -0.98{col 46}{space 3}0.329{col 54}{space 4}-1.043154{col 67}{space 3} .3511027
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.3262168{col 26}{space 2} .1544066{col 37}{space 1}   -2.11{col 46}{space 3}0.036{col 54}{space 4}-.6304922{col 67}{space 3}-.0219414
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}  .262568{col 26}{space 2} .1733806{col 37}{space 1}    1.51{col 46}{space 3}0.131{col 54}{space 4}-.0790978{col 67}{space 3} .6042337
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .3785882{col 26}{space 2} .1490254{col 37}{space 1}    2.54{col 46}{space 3}0.012{col 54}{space 4} .0849172{col 67}{space 3} .6722592
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7336003{col 26}{space 2} .0714524{col 37}{space 1}  -10.27{col 46}{space 3}0.000{col 54}{space 4}-.8744051{col 67}{space 3}-.5927954
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.8034968{col 26}{space 2} .0722144{col 37}{space 1}  -11.13{col 46}{space 3}0.000{col 54}{space 4}-.9458033{col 67}{space 3}-.6611904
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6475334{col 26}{space 2} .0765825{col 37}{space 1}   -8.46{col 46}{space 3}0.000{col 54}{space 4}-.7984478{col 67}{space 3} -.496619
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2} -.809207{col 26}{space 2} .0727899{col 37}{space 1}  -11.12{col 46}{space 3}0.000{col 54}{space 4}-.9526476{col 67}{space 3}-.6657664
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7493043{col 26}{space 2} .0806819{col 37}{space 1}   -9.29{col 46}{space 3}0.000{col 54}{space 4}-.9082969{col 67}{space 3}-.5903116
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6990667{col 26}{space 2}  .090121{col 37}{space 1}   -7.76{col 46}{space 3}0.000{col 54}{space 4}-.8766602{col 67}{space 3}-.5214732
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8079582{col 26}{space 2} .0998833{col 37}{space 1}   -8.09{col 46}{space 3}0.000{col 54}{space 4}-1.004789{col 67}{space 3}-.6111272
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 9.531952{col 26}{space 2} 2.366466{col 37}{space 1}    4.03{col 46}{space 3}0.000{col 54}{space 4}  4.86857{col 67}{space 3} 14.19534
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (225 categories)

{com}. est store nm15
{txt}
{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==5, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}     902
{col 56}{help j_robustsingular:F( 43, 224)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.6427
{txt}{col 56}Adj R-squared ={res}  0.4866
{txt}{col 56}Root MSE      = {res} .30571

{txt}{ralign 78:(Std. Err. adjusted for {res:225} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0488679{col 26}{space 2}  .061481{col 37}{space 1}   -0.79{col 46}{space 3}0.428{col 54}{space 4} -.170023{col 67}{space 3} .0722872
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0121303{col 26}{space 2} .0477107{col 37}{space 1}    0.25{col 46}{space 3}0.800{col 54}{space 4}-.0818889{col 67}{space 3} .1061495
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-3.74e-06{col 26}{space 2} 3.67e-06{col 37}{space 1}   -1.02{col 46}{space 3}0.309{col 54}{space 4} -.000011{col 67}{space 3} 3.49e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0013034{col 26}{space 2} .0018066{col 37}{space 1}    0.72{col 46}{space 3}0.471{col 54}{space 4}-.0022568{col 67}{space 3} .0048635
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-1.501979{col 26}{space 2} .3396571{col 37}{space 1}   -4.42{col 46}{space 3}0.000{col 54}{space 4}-2.171311{col 67}{space 3}-.8326473
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1178205{col 26}{space 2}  .021442{col 37}{space 1}   -5.49{col 46}{space 3}0.000{col 54}{space 4}-.1600744{col 67}{space 3}-.0755666
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.6306405{col 26}{space 2} .3540695{col 37}{space 1}   -1.78{col 46}{space 3}0.076{col 54}{space 4}-1.328374{col 67}{space 3} .0670927
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .3325391{col 26}{space 2} .3954795{col 37}{space 1}    0.84{col 46}{space 3}0.401{col 54}{space 4}-.4467971{col 67}{space 3} 1.111875
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0645685{col 26}{space 2}  .014637{col 37}{space 1}    4.41{col 46}{space 3}0.000{col 54}{space 4} .0357246{col 67}{space 3} .0934124
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0069235{col 26}{space 2} .0013557{col 37}{space 1}    5.11{col 46}{space 3}0.000{col 54}{space 4}  .004252{col 67}{space 3} .0095951
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.1803064{col 26}{space 2} .4076769{col 37}{space 1}   -0.44{col 46}{space 3}0.659{col 54}{space 4} -.983679{col 67}{space 3} .6230663
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 6.05e-07{col 26}{space 2} 3.51e-07{col 37}{space 1}    1.72{col 46}{space 3}0.086{col 54}{space 4}-8.72e-08{col 67}{space 3} 1.30e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 4.12e-07{col 26}{space 2} 5.00e-07{col 37}{space 1}    0.82{col 46}{space 3}0.412{col 54}{space 4}-5.74e-07{col 67}{space 3} 1.40e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0404447{col 26}{space 2} .0764508{col 37}{space 1}   -0.53{col 46}{space 3}0.597{col 54}{space 4}-.1910996{col 67}{space 3} .1102101
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .0649762{col 26}{space 2} .1901068{col 37}{space 1}    0.34{col 46}{space 3}0.733{col 54}{space 4}-.3096503{col 67}{space 3} .4396027
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .0721825{col 26}{space 2} .1488744{col 37}{space 1}    0.48{col 46}{space 3}0.628{col 54}{space 4}-.2211911{col 67}{space 3} .3655561
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}  .087961{col 26}{space 2} .1583321{col 37}{space 1}    0.56{col 46}{space 3}0.579{col 54}{space 4}-.2240499{col 67}{space 3}  .399972
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.2312257{col 26}{space 2} .2478137{col 37}{space 1}   -0.93{col 46}{space 3}0.352{col 54}{space 4}-.7195701{col 67}{space 3} .2571186
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .0430541{col 26}{space 2}  .166034{col 37}{space 1}    0.26{col 46}{space 3}0.796{col 54}{space 4}-.2841342{col 67}{space 3} .3702425
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0057595{col 26}{space 2}  .167536{col 37}{space 1}    0.03{col 46}{space 3}0.973{col 54}{space 4}-.3243888{col 67}{space 3} .3359078
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} .8472697{col 26}{space 2} .2789464{col 37}{space 1}    3.04{col 46}{space 3}0.003{col 54}{space 4} .2975748{col 67}{space 3} 1.396965
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .0458655{col 26}{space 2} .1677397{col 37}{space 1}    0.27{col 46}{space 3}0.785{col 54}{space 4}-.2846842{col 67}{space 3} .3764152
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .0353209{col 26}{space 2}   .14741{col 37}{space 1}    0.24{col 46}{space 3}0.811{col 54}{space 4}-.2551669{col 67}{space 3} .3258086
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0032329{col 26}{space 2} .1351024{col 37}{space 1}   -0.02{col 46}{space 3}0.981{col 54}{space 4}-.2694672{col 67}{space 3} .2630015
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0197371{col 26}{space 2} .1394435{col 37}{space 1}   -0.14{col 46}{space 3}0.888{col 54}{space 4} -.294526{col 67}{space 3} .2550519
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0883527{col 26}{space 2} .1164433{col 37}{space 1}    0.76{col 46}{space 3}0.449{col 54}{space 4}-.1411117{col 67}{space 3}  .317817
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .6688919{col 26}{space 2} .1545812{col 37}{space 1}    4.33{col 46}{space 3}0.000{col 54}{space 4} .3642725{col 67}{space 3} .9735113
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .1685879{col 26}{space 2} .1495107{col 37}{space 1}    1.13{col 46}{space 3}0.261{col 54}{space 4}-.1260395{col 67}{space 3} .4632153
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .1248209{col 26}{space 2} .0979468{col 37}{space 1}    1.27{col 46}{space 3}0.204{col 54}{space 4}-.0681941{col 67}{space 3} .3178359
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}  .192022{col 26}{space 2} .1090995{col 37}{space 1}    1.76{col 46}{space 3}0.080{col 54}{space 4}-.0229707{col 67}{space 3} .4070147
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.1577066{col 26}{space 2} .1825857{col 37}{space 1}   -0.86{col 46}{space 3}0.389{col 54}{space 4}-.5175119{col 67}{space 3} .2020987
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}  .168792{col 26}{space 2} .1362059{col 37}{space 1}    1.24{col 46}{space 3}0.217{col 54}{space 4}-.0996169{col 67}{space 3} .4372008
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .0474908{col 26}{space 2} .1524915{col 37}{space 1}    0.31{col 46}{space 3}0.756{col 54}{space 4}-.2530106{col 67}{space 3} .3479922
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1100966{col 26}{space 2} .1025451{col 37}{space 1}    1.07{col 46}{space 3}0.284{col 54}{space 4}-.0919799{col 67}{space 3}  .312173
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .1235827{col 26}{space 2} .1065261{col 37}{space 1}    1.16{col 46}{space 3}0.247{col 54}{space 4}-.0863388{col 67}{space 3} .3335042
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .1907317{col 26}{space 2} .2388579{col 37}{space 1}    0.80{col 46}{space 3}0.425{col 54}{space 4}-.2799642{col 67}{space 3} .6614276
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .2261502{col 26}{space 2} .1607626{col 37}{space 1}    1.41{col 46}{space 3}0.161{col 54}{space 4}-.0906503{col 67}{space 3} .5429506
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .1156253{col 26}{space 2} .1297158{col 37}{space 1}    0.89{col 46}{space 3}0.374{col 54}{space 4}-.1399941{col 67}{space 3} .3712447
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.1600121{col 26}{space 2} .1052854{col 37}{space 1}   -1.52{col 46}{space 3}0.130{col 54}{space 4}-.3674886{col 67}{space 3} .0474645
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.3212737{col 26}{space 2} .3045152{col 37}{space 1}   -1.06{col 46}{space 3}0.293{col 54}{space 4}-.9213546{col 67}{space 3} .2788073
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} -.363629{col 26}{space 2} .1301117{col 37}{space 1}   -2.79{col 46}{space 3}0.006{col 54}{space 4}-.6200286{col 67}{space 3}-.1072293
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .2026932{col 26}{space 2} .1602897{col 37}{space 1}    1.26{col 46}{space 3}0.207{col 54}{space 4}-.1131755{col 67}{space 3} .5185619
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .2539929{col 26}{space 2} .1183711{col 37}{space 1}    2.15{col 46}{space 3}0.033{col 54}{space 4} .0207295{col 67}{space 3} .4872562
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7274347{col 26}{space 2}  .058952{col 37}{space 1}  -12.34{col 46}{space 3}0.000{col 54}{space 4}-.8436062{col 67}{space 3}-.6112633
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7682012{col 26}{space 2}  .057072{col 37}{space 1}  -13.46{col 46}{space 3}0.000{col 54}{space 4} -.880668{col 67}{space 3}-.6557345
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6203599{col 26}{space 2} .0661114{col 37}{space 1}   -9.38{col 46}{space 3}0.000{col 54}{space 4}-.7506398{col 67}{space 3}-.4900801
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7653245{col 26}{space 2} .0627022{col 37}{space 1}  -12.21{col 46}{space 3}0.000{col 54}{space 4}-.8888862{col 67}{space 3}-.6417628
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7027548{col 26}{space 2}  .072528{col 37}{space 1}   -9.69{col 46}{space 3}0.000{col 54}{space 4}-.8456792{col 67}{space 3}-.5598304
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6649212{col 26}{space 2} .0762014{col 37}{space 1}   -8.73{col 46}{space 3}0.000{col 54}{space 4}-.8150845{col 67}{space 3}-.5147578
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7597411{col 26}{space 2} .0806187{col 37}{space 1}   -9.42{col 46}{space 3}0.000{col 54}{space 4}-.9186092{col 67}{space 3} -.600873
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 9.778019{col 26}{space 2} 1.982197{col 37}{space 1}    4.93{col 46}{space 3}0.000{col 54}{space 4} 5.871879{col 67}{space 3} 13.68416
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (225 categories)

{com}. est store roa15
{txt}
{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&inaquint==5, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}     902
{col 56}{help j_robustsingular:F( 43, 224)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.5239
{txt}{col 56}Adj R-squared ={res}  0.3158
{txt}{col 56}Root MSE      = {res} .42657

{txt}{ralign 78:(Std. Err. adjusted for {res:225} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0870986{col 26}{space 2} .0743944{col 37}{space 1}   -1.17{col 46}{space 3}0.243{col 54}{space 4} -.233701{col 67}{space 3} .0595038
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0428079{col 26}{space 2} .0604631{col 37}{space 1}    0.71{col 46}{space 3}0.480{col 54}{space 4}-.0763414{col 67}{space 3} .1619571
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-5.16e-06{col 26}{space 2} 4.24e-06{col 37}{space 1}   -1.22{col 46}{space 3}0.224{col 54}{space 4}-.0000135{col 67}{space 3} 3.19e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0014464{col 26}{space 2} .0026232{col 37}{space 1}    0.55{col 46}{space 3}0.582{col 54}{space 4} -.003723{col 67}{space 3} .0066157
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-1.473862{col 26}{space 2} .4136927{col 37}{space 1}   -3.56{col 46}{space 3}0.000{col 54}{space 4}-2.289089{col 67}{space 3}-.6586342
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1125649{col 26}{space 2} .0260628{col 37}{space 1}   -4.32{col 46}{space 3}0.000{col 54}{space 4}-.1639246{col 67}{space 3}-.0612052
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.6516528{col 26}{space 2} .4628644{col 37}{space 1}   -1.41{col 46}{space 3}0.161{col 54}{space 4}-1.563778{col 67}{space 3} .2604729
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .4711293{col 26}{space 2} .4771393{col 37}{space 1}    0.99{col 46}{space 3}0.325{col 54}{space 4}-.4691267{col 67}{space 3} 1.411385
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0638929{col 26}{space 2} .0174409{col 37}{space 1}    3.66{col 46}{space 3}0.000{col 54}{space 4} .0295236{col 67}{space 3} .0982621
{txt}{space 7}agesq {c |}{col 14}{res}{space 2}  .006929{col 26}{space 2} .0015283{col 37}{space 1}    4.53{col 46}{space 3}0.000{col 54}{space 4} .0039174{col 67}{space 3} .0099407
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.0694585{col 26}{space 2} .5201717{col 37}{space 1}   -0.13{col 46}{space 3}0.894{col 54}{space 4}-1.094515{col 67}{space 3} .9555976
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 6.57e-07{col 26}{space 2} 4.57e-07{col 37}{space 1}    1.44{col 46}{space 3}0.152{col 54}{space 4}-2.43e-07{col 67}{space 3} 1.56e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 4.16e-07{col 26}{space 2} 6.28e-07{col 37}{space 1}    0.66{col 46}{space 3}0.508{col 54}{space 4}-8.21e-07{col 67}{space 3} 1.65e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0365885{col 26}{space 2} .0994736{col 37}{space 1}    0.37{col 46}{space 3}0.713{col 54}{space 4}-.1594353{col 67}{space 3} .2326122
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1383667{col 26}{space 2} .2641386{col 37}{space 1}    0.52{col 46}{space 3}0.601{col 54}{space 4}-.3821477{col 67}{space 3} .6588811
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1923535{col 26}{space 2} .2352619{col 37}{space 1}    0.82{col 46}{space 3}0.414{col 54}{space 4}-.2712562{col 67}{space 3} .6559631
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .1689041{col 26}{space 2} .2258798{col 37}{space 1}    0.75{col 46}{space 3}0.455{col 54}{space 4}-.2762171{col 67}{space 3} .6140253
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.2536241{col 26}{space 2} .2884014{col 37}{space 1}   -0.88{col 46}{space 3}0.380{col 54}{space 4}-.8219512{col 67}{space 3} .3147029
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1474724{col 26}{space 2}  .231866{col 37}{space 1}    0.64{col 46}{space 3}0.525{col 54}{space 4}-.3094453{col 67}{space 3}   .60439
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0263981{col 26}{space 2}  .247749{col 37}{space 1}    0.11{col 46}{space 3}0.915{col 54}{space 4}-.4618188{col 67}{space 3}  .514615
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} 1.404465{col 26}{space 2} .3900215{col 37}{space 1}    3.60{col 46}{space 3}0.000{col 54}{space 4} .6358839{col 67}{space 3} 2.173045
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1038162{col 26}{space 2} .2344454{col 37}{space 1}    0.44{col 46}{space 3}0.658{col 54}{space 4}-.3581845{col 67}{space 3} .5658169
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .1032653{col 26}{space 2}  .221169{col 37}{space 1}    0.47{col 46}{space 3}0.641{col 54}{space 4}-.3325727{col 67}{space 3} .5391033
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.1034417{col 26}{space 2} .1799069{col 37}{space 1}   -0.57{col 46}{space 3}0.566{col 54}{space 4}-.4579682{col 67}{space 3} .2510848
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .0038431{col 26}{space 2} .1771019{col 37}{space 1}    0.02{col 46}{space 3}0.983{col 54}{space 4}-.3451558{col 67}{space 3}  .352842
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0291453{col 26}{space 2} .1529345{col 37}{space 1}    0.19{col 46}{space 3}0.849{col 54}{space 4}-.2722291{col 67}{space 3} .3305198
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}  .535088{col 26}{space 2} .2045119{col 37}{space 1}    2.62{col 46}{space 3}0.009{col 54}{space 4} .1320747{col 67}{space 3} .9381014
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0972606{col 26}{space 2} .1785329{col 37}{space 1}    0.54{col 46}{space 3}0.586{col 54}{space 4}-.2545583{col 67}{space 3} .4490795
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}  .100197{col 26}{space 2} .1326457{col 37}{space 1}    0.76{col 46}{space 3}0.451{col 54}{space 4} -.161196{col 67}{space 3}   .36159
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .2252177{col 26}{space 2} .1372859{col 37}{space 1}    1.64{col 46}{space 3}0.102{col 54}{space 4}-.0453195{col 67}{space 3} .4957549
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .0368786{col 26}{space 2} .3722288{col 37}{space 1}    0.10{col 46}{space 3}0.921{col 54}{space 4}-.6966396{col 67}{space 3} .7703967
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .1486008{col 26}{space 2} .1697572{col 37}{space 1}    0.88{col 46}{space 3}0.382{col 54}{space 4}-.1859246{col 67}{space 3} .4831262
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .0459252{col 26}{space 2} .1912685{col 37}{space 1}    0.24{col 46}{space 3}0.810{col 54}{space 4}-.3309906{col 67}{space 3}  .422841
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1191698{col 26}{space 2} .1243703{col 37}{space 1}    0.96{col 46}{space 3}0.339{col 54}{space 4}-.1259157{col 67}{space 3} .3642553
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .3056309{col 26}{space 2} .1468409{col 37}{space 1}    2.08{col 46}{space 3}0.039{col 54}{space 4} .0162646{col 67}{space 3} .5949971
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .0600109{col 26}{space 2}  .452984{col 37}{space 1}    0.13{col 46}{space 3}0.895{col 54}{space 4}-.8326444{col 67}{space 3} .9526662
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .3023543{col 26}{space 2} .2013612{col 37}{space 1}    1.50{col 46}{space 3}0.135{col 54}{space 4}-.0944503{col 67}{space 3} .6991589
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0604453{col 26}{space 2} .1599622{col 37}{space 1}    0.38{col 46}{space 3}0.706{col 54}{space 4} -.254778{col 67}{space 3} .3756685
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.1484235{col 26}{space 2} .1439159{col 37}{space 1}   -1.03{col 46}{space 3}0.304{col 54}{space 4}-.4320259{col 67}{space 3} .1351788
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.5676413{col 26}{space 2} .4147632{col 37}{space 1}   -1.37{col 46}{space 3}0.172{col 54}{space 4}-1.384978{col 67}{space 3} .2496957
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.5091823{col 26}{space 2} .1600095{col 37}{space 1}   -3.18{col 46}{space 3}0.002{col 54}{space 4}-.8244988{col 67}{space 3}-.1938659
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.0495986{col 26}{space 2} .2217677{col 37}{space 1}   -0.22{col 46}{space 3}0.823{col 54}{space 4}-.4866164{col 67}{space 3} .3874193
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .1704065{col 26}{space 2} .1672199{col 37}{space 1}    1.02{col 46}{space 3}0.309{col 54}{space 4}-.1591188{col 67}{space 3} .4999319
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6442685{col 26}{space 2} .0776696{col 37}{space 1}   -8.29{col 46}{space 3}0.000{col 54}{space 4} -.797325{col 67}{space 3} -.491212
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7724459{col 26}{space 2} .0797965{col 37}{space 1}   -9.68{col 46}{space 3}0.000{col 54}{space 4}-.9296937{col 67}{space 3}-.6151981
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5646198{col 26}{space 2} .0876344{col 37}{space 1}   -6.44{col 46}{space 3}0.000{col 54}{space 4} -.737313{col 67}{space 3}-.3919265
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7279784{col 26}{space 2} .0828185{col 37}{space 1}   -8.79{col 46}{space 3}0.000{col 54}{space 4}-.8911814{col 67}{space 3}-.5647755
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6615604{col 26}{space 2} .0923403{col 37}{space 1}   -7.16{col 46}{space 3}0.000{col 54}{space 4}-.8435271{col 67}{space 3}-.4795937
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6516165{col 26}{space 2} .0960043{col 37}{space 1}   -6.79{col 46}{space 3}0.000{col 54}{space 4}-.8408037{col 67}{space 3}-.4624294
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7578853{col 26}{space 2} .1006338{col 37}{space 1}   -7.53{col 46}{space 3}0.000{col 54}{space 4}-.9561954{col 67}{space 3}-.5595751
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 9.348687{col 26}{space 2} 2.491038{col 37}{space 1}    3.75{col 46}{space 3}0.000{col 54}{space 4} 4.439819{col 67}{space 3} 14.25755
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (225 categories)

{com}. est store roe15
{txt}
{com}. 
.                 * non-jv sample
. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==1, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__42 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1268
{col 56}{help j_robustsingular:F( 43, 302)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4168
{txt}{col 56}Adj R-squared ={res}  0.1950
{txt}{col 56}Root MSE      = {res} .41661

{txt}{ralign 78:(Std. Err. adjusted for {res:303} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0542494{col 26}{space 2} .0601383{col 37}{space 1}    0.90{col 46}{space 3}0.368{col 54}{space 4}-.0640939{col 67}{space 3} .1725927
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0016492{col 26}{space 2} .0498524{col 37}{space 1}   -0.03{col 46}{space 3}0.974{col 54}{space 4}-.0997512{col 67}{space 3} .0964528
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} .0000174{col 26}{space 2} .0002696{col 37}{space 1}    0.06{col 46}{space 3}0.949{col 54}{space 4}-.0005132{col 67}{space 3}  .000548
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0043697{col 26}{space 2} .0020291{col 37}{space 1}    2.15{col 46}{space 3}0.032{col 54}{space 4} .0003766{col 67}{space 3} .0083627
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.0848811{col 26}{space 2} .4116579{col 37}{space 1}   -0.21{col 46}{space 3}0.837{col 54}{space 4}-.8949622{col 67}{space 3}    .7252
{txt}{space 9}age {c |}{col 14}{res}{space 2} -.108731{col 26}{space 2} .0230968{col 37}{space 1}   -4.71{col 46}{space 3}0.000{col 54}{space 4} -.154182{col 67}{space 3}-.0632799
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .2947899{col 26}{space 2} .4836162{col 37}{space 1}    0.61{col 46}{space 3}0.543{col 54}{space 4}-.6568944{col 67}{space 3} 1.246474
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .1947562{col 26}{space 2} .3044853{col 37}{space 1}    0.64{col 46}{space 3}0.523{col 54}{space 4}-.4044253{col 67}{space 3} .7939377
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0013075{col 26}{space 2} .0210822{col 37}{space 1}    0.06{col 46}{space 3}0.951{col 54}{space 4}-.0401792{col 67}{space 3} .0427942
{txt}{space 7}agesq {c |}{col 14}{res}{space 2}  .005445{col 26}{space 2} .0016366{col 37}{space 1}    3.33{col 46}{space 3}0.001{col 54}{space 4} .0022244{col 67}{space 3} .0086657
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.0021832{col 26}{space 2} .3124651{col 37}{space 1}   -0.01{col 46}{space 3}0.994{col 54}{space 4}-.6170677{col 67}{space 3} .6127012
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-5.17e-08{col 26}{space 2} 5.92e-07{col 37}{space 1}   -0.09{col 46}{space 3}0.930{col 54}{space 4}-1.22e-06{col 67}{space 3} 1.11e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 2.51e-07{col 26}{space 2} 5.66e-07{col 37}{space 1}    0.44{col 46}{space 3}0.658{col 54}{space 4}-8.63e-07{col 67}{space 3} 1.37e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0351718{col 26}{space 2} .0301054{col 37}{space 1}    1.17{col 46}{space 3}0.244{col 54}{space 4}-.0240712{col 67}{space 3} .0944147
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} 1.055861{col 26}{space 2} .3714896{col 37}{space 1}    2.84{col 46}{space 3}0.005{col 54}{space 4} .3248248{col 67}{space 3} 1.786896
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .8409144{col 26}{space 2} .1247889{col 37}{space 1}    6.74{col 46}{space 3}0.000{col 54}{space 4} .5953485{col 67}{space 3}  1.08648
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .8714933{col 26}{space 2}  .111152{col 37}{space 1}    7.84{col 46}{space 3}0.000{col 54}{space 4} .6527627{col 67}{space 3} 1.090224
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} 1.666184{col 26}{space 2} .3182241{col 37}{space 1}    5.24{col 46}{space 3}0.000{col 54}{space 4} 1.039967{col 67}{space 3} 2.292401
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .9121181{col 26}{space 2} .1751961{col 37}{space 1}    5.21{col 46}{space 3}0.000{col 54}{space 4} .5673584{col 67}{space 3} 1.256878
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} 1.042493{col 26}{space 2} .1443476{col 37}{space 1}    7.22{col 46}{space 3}0.000{col 54}{space 4} .7584382{col 67}{space 3} 1.326547
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .9329746{col 26}{space 2} .1103853{col 37}{space 1}    8.45{col 46}{space 3}0.000{col 54}{space 4} .7157529{col 67}{space 3} 1.150196
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .9121754{col 26}{space 2} .0549115{col 37}{space 1}   16.61{col 46}{space 3}0.000{col 54}{space 4} .8041178{col 67}{space 3} 1.020233
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}  .177994{col 26}{space 2} .1225032{col 37}{space 1}    1.45{col 46}{space 3}0.147{col 54}{space 4}-.0630739{col 67}{space 3} .4190619
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .2899208{col 26}{space 2}  .177163{col 37}{space 1}    1.64{col 46}{space 3}0.103{col 54}{space 4}-.0587095{col 67}{space 3} .6385511
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} .6095917{col 26}{space 2} .2016783{col 37}{space 1}    3.02{col 46}{space 3}0.003{col 54}{space 4}  .212719{col 67}{space 3} 1.006464
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}   .18568{col 26}{space 2}  .127788{col 37}{space 1}    1.45{col 46}{space 3}0.147{col 54}{space 4}-.0657877{col 67}{space 3} .4371477
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}  .239315{col 26}{space 2} .2946919{col 37}{space 1}    0.81{col 46}{space 3}0.417{col 54}{space 4}-.3405946{col 67}{space 3} .8192246
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .1160694{col 26}{space 2} .1153408{col 37}{space 1}    1.01{col 46}{space 3}0.315{col 54}{space 4} -.110904{col 67}{space 3} .3430428
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .1360441{col 26}{space 2}  .109709{col 37}{space 1}    1.24{col 46}{space 3}0.216{col 54}{space 4}-.0798467{col 67}{space 3} .3519348
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0986504{col 26}{space 2} .1298604{col 37}{space 1}    0.76{col 46}{space 3}0.448{col 54}{space 4}-.1568954{col 67}{space 3} .3541963
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0274371{col 26}{space 2} .2212931{col 37}{space 1}   -0.12{col 46}{space 3}0.901{col 54}{space 4}-.4629088{col 67}{space 3} .4080346
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .1291989{col 26}{space 2} .1174965{col 37}{space 1}    1.10{col 46}{space 3}0.272{col 54}{space 4}-.1020165{col 67}{space 3} .3604144
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1456918{col 26}{space 2} .1037994{col 37}{space 1}    1.40{col 46}{space 3}0.161{col 54}{space 4}  -.05857{col 67}{space 3} .3499536
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .2587734{col 26}{space 2} .2217355{col 37}{space 1}    1.17{col 46}{space 3}0.244{col 54}{space 4}-.1775688{col 67}{space 3} .6951156
{txt}_Iprovinc~42 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .3227975{col 26}{space 2} .2436438{col 37}{space 1}    1.32{col 46}{space 3}0.186{col 54}{space 4}-.1566571{col 67}{space 3} .8022521
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .1232239{col 26}{space 2} .1155266{col 37}{space 1}    1.07{col 46}{space 3}0.287{col 54}{space 4}-.1041153{col 67}{space 3}  .350563
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .6439731{col 26}{space 2} .3383994{col 37}{space 1}    1.90{col 46}{space 3}0.058{col 54}{space 4}-.0219462{col 67}{space 3} 1.309892
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .4931311{col 26}{space 2} .3309711{col 37}{space 1}    1.49{col 46}{space 3}0.137{col 54}{space 4}-.1581705{col 67}{space 3} 1.144433
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1442561{col 26}{space 2} .3142975{col 37}{space 1}   -0.46{col 46}{space 3}0.647{col 54}{space 4}-.7627466{col 67}{space 3} .4742343
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2}-.3180603{col 26}{space 2} .1715709{col 37}{space 1}   -1.85{col 46}{space 3}0.065{col 54}{space 4}-.6556862{col 67}{space 3} .0195656
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7771017{col 26}{space 2} .0864962{col 37}{space 1}   -8.98{col 46}{space 3}0.000{col 54}{space 4}-.9473133{col 67}{space 3}  -.60689
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7397333{col 26}{space 2} .0758849{col 37}{space 1}   -9.75{col 46}{space 3}0.000{col 54}{space 4}-.8890633{col 67}{space 3}-.5904032
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6595801{col 26}{space 2} .0786678{col 37}{space 1}   -8.38{col 46}{space 3}0.000{col 54}{space 4}-.8143865{col 67}{space 3}-.5047737
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7326398{col 26}{space 2} .0745979{col 37}{space 1}   -9.82{col 46}{space 3}0.000{col 54}{space 4}-.8794373{col 67}{space 3}-.5858423
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8080863{col 26}{space 2} .0695964{col 37}{space 1}  -11.61{col 46}{space 3}0.000{col 54}{space 4}-.9450416{col 67}{space 3} -.671131
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6640773{col 26}{space 2} .0725405{col 37}{space 1}   -9.15{col 46}{space 3}0.000{col 54}{space 4}-.8068262{col 67}{space 3}-.5213284
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8019897{col 26}{space 2} .0765186{col 37}{space 1}  -10.48{col 46}{space 3}0.000{col 54}{space 4}-.9525668{col 67}{space 3}-.6514126
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .7961796{col 26}{space 2} 2.029766{col 37}{space 1}    0.39{col 46}{space 3}0.695{col 54}{space 4}-3.198097{col 67}{space 3} 4.790456
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (303 categories)

{com}. est store nm01
{txt}
{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==1, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__42 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1268
{col 56}{help j_robustsingular:F( 43, 302)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4117
{txt}{col 56}Adj R-squared ={res}  0.1881
{txt}{col 56}Root MSE      = {res} .42174

{txt}{ralign 78:(Std. Err. adjusted for {res:303} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}  .045436{col 26}{space 2} .0665822{col 37}{space 1}    0.68{col 46}{space 3}0.496{col 54}{space 4}-.0855877{col 67}{space 3} .1764598
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0319758{col 26}{space 2} .0522625{col 37}{space 1}    0.61{col 46}{space 3}0.541{col 54}{space 4} -.070869{col 67}{space 3} .1348205
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} .0000904{col 26}{space 2} .0002696{col 37}{space 1}    0.34{col 46}{space 3}0.738{col 54}{space 4}-.0004402{col 67}{space 3} .0006211
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0039981{col 26}{space 2} .0020877{col 37}{space 1}    1.92{col 46}{space 3}0.056{col 54}{space 4}-.0001102{col 67}{space 3} .0081064
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}   .00137{col 26}{space 2}  .380807{col 37}{space 1}    0.00{col 46}{space 3}0.997{col 54}{space 4}-.7480011{col 67}{space 3} .7507411
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1144376{col 26}{space 2} .0225873{col 37}{space 1}   -5.07{col 46}{space 3}0.000{col 54}{space 4} -.158886{col 67}{space 3}-.0699891
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .3768701{col 26}{space 2} .4672353{col 37}{space 1}    0.81{col 46}{space 3}0.421{col 54}{space 4}-.5425789{col 67}{space 3} 1.296319
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .2499892{col 26}{space 2} .2843534{col 37}{space 1}    0.88{col 46}{space 3}0.380{col 54}{space 4}-.3095758{col 67}{space 3} .8095542
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2}-.0029449{col 26}{space 2} .0193837{col 37}{space 1}   -0.15{col 46}{space 3}0.879{col 54}{space 4}-.0410891{col 67}{space 3} .0351993
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0060151{col 26}{space 2} .0016452{col 37}{space 1}    3.66{col 46}{space 3}0.000{col 54}{space 4} .0027775{col 67}{space 3} .0092526
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.0686527{col 26}{space 2} .3028406{col 37}{space 1}   -0.23{col 46}{space 3}0.821{col 54}{space 4}-.6645975{col 67}{space 3} .5272922
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-2.22e-07{col 26}{space 2} 6.09e-07{col 37}{space 1}   -0.36{col 46}{space 3}0.716{col 54}{space 4}-1.42e-06{col 67}{space 3} 9.76e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2} 6.66e-07{col 26}{space 2} 5.24e-07{col 37}{space 1}    1.27{col 46}{space 3}0.205{col 54}{space 4}-3.65e-07{col 67}{space 3} 1.70e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0208367{col 26}{space 2} .0360802{col 37}{space 1}    0.58{col 46}{space 3}0.564{col 54}{space 4}-.0501636{col 67}{space 3} .0918371
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} 1.033293{col 26}{space 2} .2628222{col 37}{space 1}    3.93{col 46}{space 3}0.000{col 54}{space 4} .5160983{col 67}{space 3} 1.550488
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .8335221{col 26}{space 2} .0960229{col 37}{space 1}    8.68{col 46}{space 3}0.000{col 54}{space 4} .6445634{col 67}{space 3} 1.022481
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .7717867{col 26}{space 2} .1185452{col 37}{space 1}    6.51{col 46}{space 3}0.000{col 54}{space 4} .5385074{col 67}{space 3} 1.005066
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} 1.666579{col 26}{space 2} .1351631{col 37}{space 1}   12.33{col 46}{space 3}0.000{col 54}{space 4} 1.400598{col 67}{space 3}  1.93256
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}  .969902{col 26}{space 2} .2196735{col 37}{space 1}    4.42{col 46}{space 3}0.000{col 54}{space 4} .5376175{col 67}{space 3} 1.402186
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .9999539{col 26}{space 2} .1456554{col 37}{space 1}    6.87{col 46}{space 3}0.000{col 54}{space 4} .7133259{col 67}{space 3} 1.286582
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .8609387{col 26}{space 2} .1035401{col 37}{space 1}    8.32{col 46}{space 3}0.000{col 54}{space 4} .6571872{col 67}{space 3}  1.06469
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .8779321{col 26}{space 2} .0540251{col 37}{space 1}   16.25{col 46}{space 3}0.000{col 54}{space 4} .7716189{col 67}{space 3} .9842453
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .2491059{col 26}{space 2} .1535747{col 37}{space 1}    1.62{col 46}{space 3}0.106{col 54}{space 4} -.053106{col 67}{space 3} .5513179
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .3876118{col 26}{space 2} .2191182{col 37}{space 1}    1.77{col 46}{space 3}0.078{col 54}{space 4}  -.04358{col 67}{space 3} .8188035
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} .6013971{col 26}{space 2} .2089024{col 37}{space 1}    2.88{col 46}{space 3}0.004{col 54}{space 4} .1903084{col 67}{space 3} 1.012486
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .2122303{col 26}{space 2} .1564275{col 37}{space 1}    1.36{col 46}{space 3}0.176{col 54}{space 4}-.0955956{col 67}{space 3} .5200561
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .2838529{col 26}{space 2} .3158379{col 37}{space 1}    0.90{col 46}{space 3}0.370{col 54}{space 4}-.3376688{col 67}{space 3} .9053747
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .1438819{col 26}{space 2} .1453538{col 37}{space 1}    0.99{col 46}{space 3}0.323{col 54}{space 4}-.1421526{col 67}{space 3} .4299164
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .1649285{col 26}{space 2} .1420021{col 37}{space 1}    1.16{col 46}{space 3}0.246{col 54}{space 4}-.1145104{col 67}{space 3} .4443674
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .1182943{col 26}{space 2}  .173806{col 37}{space 1}    0.68{col 46}{space 3}0.497{col 54}{space 4}-.2237298{col 67}{space 3} .4603185
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} -.054036{col 26}{space 2} .2302739{col 37}{space 1}   -0.23{col 46}{space 3}0.815{col 54}{space 4}-.5071805{col 67}{space 3} .3991084
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .1685908{col 26}{space 2} .1487935{col 37}{space 1}    1.13{col 46}{space 3}0.258{col 54}{space 4}-.1242126{col 67}{space 3} .4613941
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .2017628{col 26}{space 2} .1348882{col 37}{space 1}    1.50{col 46}{space 3}0.136{col 54}{space 4}-.0636769{col 67}{space 3} .4672025
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .2578039{col 26}{space 2} .2359468{col 37}{space 1}    1.09{col 46}{space 3}0.275{col 54}{space 4} -.206504{col 67}{space 3} .7221118
{txt}_Iprovinc~42 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .2684582{col 26}{space 2}  .304817{col 37}{space 1}    0.88{col 46}{space 3}0.379{col 54}{space 4}-.3313761{col 67}{space 3} .8682925
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .1675886{col 26}{space 2} .1452781{col 37}{space 1}    1.15{col 46}{space 3}0.250{col 54}{space 4}-.1182969{col 67}{space 3} .4534741
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .6014785{col 26}{space 2} .3720915{col 37}{space 1}    1.62{col 46}{space 3}0.107{col 54}{space 4}-.1307418{col 67}{space 3} 1.333699
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .5218988{col 26}{space 2} .3621893{col 37}{space 1}    1.44{col 46}{space 3}0.151{col 54}{space 4}-.1908355{col 67}{space 3} 1.234633
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} -.057891{col 26}{space 2} .2071491{col 37}{space 1}   -0.28{col 46}{space 3}0.780{col 54}{space 4}-.4655294{col 67}{space 3} .3497474
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2}-.2562579{col 26}{space 2} .1962649{col 37}{space 1}   -1.31{col 46}{space 3}0.193{col 54}{space 4}-.6424779{col 67}{space 3}  .129962
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7572756{col 26}{space 2}  .087261{col 37}{space 1}   -8.68{col 46}{space 3}0.000{col 54}{space 4}-.9289922{col 67}{space 3} -.585559
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7312339{col 26}{space 2} .0776541{col 37}{space 1}   -9.42{col 46}{space 3}0.000{col 54}{space 4}-.8840455{col 67}{space 3}-.5784223
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6564647{col 26}{space 2} .0816117{col 37}{space 1}   -8.04{col 46}{space 3}0.000{col 54}{space 4}-.8170643{col 67}{space 3} -.495865
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7252576{col 26}{space 2} .0703518{col 37}{space 1}  -10.31{col 46}{space 3}0.000{col 54}{space 4}-.8636995{col 67}{space 3}-.5868157
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8185151{col 26}{space 2} .0705792{col 37}{space 1}  -11.60{col 46}{space 3}0.000{col 54}{space 4}-.9574044{col 67}{space 3}-.6796258
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6659399{col 26}{space 2} .0764017{col 37}{space 1}   -8.72{col 46}{space 3}0.000{col 54}{space 4}-.8162871{col 67}{space 3}-.5155928
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8080497{col 26}{space 2} .0788116{col 37}{space 1}  -10.25{col 46}{space 3}0.000{col 54}{space 4} -.963139{col 67}{space 3}-.6529603
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} .3522691{col 26}{space 2} 1.891387{col 37}{space 1}    0.19{col 46}{space 3}0.852{col 54}{space 4}-3.369697{col 67}{space 3} 4.074235
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (303 categories)

{com}. est store roa01
{txt}
{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==1, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__42 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1268
{col 56}{help j_robustsingular:F( 43, 302)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3570
{txt}{col 56}Adj R-squared ={res}  0.1125
{txt}{col 56}Root MSE      = {res} .55305

{txt}{ralign 78:(Std. Err. adjusted for {res:303} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0344471{col 26}{space 2} .0879203{col 37}{space 1}    0.39{col 46}{space 3}0.695{col 54}{space 4}-.1385669{col 67}{space 3} .2074611
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0761945{col 26}{space 2} .0640339{col 37}{space 1}    1.19{col 46}{space 3}0.235{col 54}{space 4}-.0498146{col 67}{space 3} .2022036
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} .0002585{col 26}{space 2} .0003381{col 37}{space 1}    0.76{col 46}{space 3}0.445{col 54}{space 4}-.0004067{col 67}{space 3} .0009238
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0049608{col 26}{space 2} .0025974{col 37}{space 1}    1.91{col 46}{space 3}0.057{col 54}{space 4}-.0001505{col 67}{space 3}  .010072
{txt}{space 3}logassets {c |}{col 14}{res}{space 2} .2891576{col 26}{space 2} .4049887{col 37}{space 1}    0.71{col 46}{space 3}0.476{col 54}{space 4}-.5077996{col 67}{space 3} 1.086115
{txt}{space 9}age {c |}{col 14}{res}{space 2} -.114799{col 26}{space 2} .0259767{col 37}{space 1}   -4.42{col 46}{space 3}0.000{col 54}{space 4}-.1659173{col 67}{space 3}-.0636807
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .0699987{col 26}{space 2} .5940137{col 37}{space 1}    0.12{col 46}{space 3}0.906{col 54}{space 4}-1.098931{col 67}{space 3} 1.238929
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .1566572{col 26}{space 2} .3587088{col 37}{space 1}    0.44{col 46}{space 3}0.663{col 54}{space 4} -.549228{col 67}{space 3} .8625424
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2}-.0164274{col 26}{space 2} .0205446{col 37}{space 1}   -0.80{col 46}{space 3}0.425{col 54}{space 4}-.0568561{col 67}{space 3} .0240014
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0060201{col 26}{space 2} .0017974{col 37}{space 1}    3.35{col 46}{space 3}0.001{col 54}{space 4}  .002483{col 67}{space 3} .0095571
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .0931318{col 26}{space 2} .4252186{col 37}{space 1}    0.22{col 46}{space 3}0.827{col 54}{space 4}-.7436347{col 67}{space 3} .9298982
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 2.35e-07{col 26}{space 2} 7.58e-07{col 37}{space 1}    0.31{col 46}{space 3}0.756{col 54}{space 4}-1.26e-06{col 67}{space 3} 1.73e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 7.04e-07{col 26}{space 2} 6.59e-07{col 37}{space 1}    1.07{col 46}{space 3}0.286{col 54}{space 4}-5.92e-07{col 67}{space 3} 2.00e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0231314{col 26}{space 2} .0393934{col 37}{space 1}    0.59{col 46}{space 3}0.558{col 54}{space 4}-.0543889{col 67}{space 3} .1006518
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} 1.271521{col 26}{space 2} .3676793{col 37}{space 1}    3.46{col 46}{space 3}0.001{col 54}{space 4} .5479835{col 67}{space 3} 1.995059
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .8581784{col 26}{space 2} .1262194{col 37}{space 1}    6.80{col 46}{space 3}0.000{col 54}{space 4} .6097975{col 67}{space 3} 1.106559
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}  .796844{col 26}{space 2} .1694875{col 37}{space 1}    4.70{col 46}{space 3}0.000{col 54}{space 4}  .463318{col 67}{space 3}  1.13037
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} 2.086433{col 26}{space 2} .0888385{col 37}{space 1}   23.49{col 46}{space 3}0.000{col 54}{space 4} 1.911612{col 67}{space 3} 2.261254
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .9553975{col 26}{space 2} .2649641{col 37}{space 1}    3.61{col 46}{space 3}0.000{col 54}{space 4} .4339879{col 67}{space 3} 1.476807
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} 1.058298{col 26}{space 2} .1979514{col 37}{space 1}    5.35{col 46}{space 3}0.000{col 54}{space 4} .6687591{col 67}{space 3} 1.447836
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .8839158{col 26}{space 2} .1417223{col 37}{space 1}    6.24{col 46}{space 3}0.000{col 54}{space 4} .6050275{col 67}{space 3} 1.162804
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .9137429{col 26}{space 2} .0710998{col 37}{space 1}   12.85{col 46}{space 3}0.000{col 54}{space 4} .7738291{col 67}{space 3} 1.053657
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .3136531{col 26}{space 2} .1325844{col 37}{space 1}    2.37{col 46}{space 3}0.019{col 54}{space 4} .0527468{col 67}{space 3} .5745593
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .4017728{col 26}{space 2} .2300558{col 37}{space 1}    1.75{col 46}{space 3}0.082{col 54}{space 4}-.0509426{col 67}{space 3} .8544881
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} .4251268{col 26}{space 2} .2283257{col 37}{space 1}    1.86{col 46}{space 3}0.064{col 54}{space 4} -.024184{col 67}{space 3} .8744375
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .2557149{col 26}{space 2} .1466012{col 37}{space 1}    1.74{col 46}{space 3}0.082{col 54}{space 4}-.0327742{col 67}{space 3} .5442041
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .1817574{col 26}{space 2} .3735535{col 37}{space 1}    0.49{col 46}{space 3}0.627{col 54}{space 4}-.5533399{col 67}{space 3} .9168547
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .1301866{col 26}{space 2} .1259772{col 37}{space 1}    1.03{col 46}{space 3}0.302{col 54}{space 4}-.1177177{col 67}{space 3} .3780908
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .1623121{col 26}{space 2} .1297164{col 37}{space 1}    1.25{col 46}{space 3}0.212{col 54}{space 4}-.0929504{col 67}{space 3} .4175745
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .1220143{col 26}{space 2}  .148118{col 37}{space 1}    0.82{col 46}{space 3}0.411{col 54}{space 4}-.1694598{col 67}{space 3} .4134883
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .0669947{col 26}{space 2} .2309213{col 37}{space 1}    0.29{col 46}{space 3}0.772{col 54}{space 4}-.3874238{col 67}{space 3} .5214133
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .1813866{col 26}{space 2} .1327737{col 37}{space 1}    1.37{col 46}{space 3}0.173{col 54}{space 4}-.0798922{col 67}{space 3} .4426653
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .2118994{col 26}{space 2} .1102475{col 37}{space 1}    1.92{col 46}{space 3}0.056{col 54}{space 4}-.0050512{col 67}{space 3} .4288499
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .2684436{col 26}{space 2} .2114939{col 37}{space 1}    1.27{col 46}{space 3}0.205{col 54}{space 4}-.1477448{col 67}{space 3}  .684632
{txt}_Iprovinc~42 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .3579291{col 26}{space 2} .2867423{col 37}{space 1}    1.25{col 46}{space 3}0.213{col 54}{space 4}-.2063368{col 67}{space 3} .9221951
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .1613458{col 26}{space 2} .1296282{col 37}{space 1}    1.24{col 46}{space 3}0.214{col 54}{space 4}-.0937432{col 67}{space 3} .4164347
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .6953864{col 26}{space 2} .4345399{col 37}{space 1}    1.60{col 46}{space 3}0.111{col 54}{space 4} -.159723{col 67}{space 3} 1.550496
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .6891182{col 26}{space 2} .3077625{col 37}{space 1}    2.24{col 46}{space 3}0.026{col 54}{space 4} .0834878{col 67}{space 3} 1.294749
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .0106227{col 26}{space 2} .2826866{col 37}{space 1}    0.04{col 46}{space 3}0.970{col 54}{space 4}-.5456621{col 67}{space 3} .5669075
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2}-.2337718{col 26}{space 2} .2043946{col 37}{space 1}   -1.14{col 46}{space 3}0.254{col 54}{space 4}-.6359898{col 67}{space 3} .1684462
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7240694{col 26}{space 2} .1185891{col 37}{space 1}   -6.11{col 46}{space 3}0.000{col 54}{space 4} -.957435{col 67}{space 3}-.4907037
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7423086{col 26}{space 2} .1120331{col 37}{space 1}   -6.63{col 46}{space 3}0.000{col 54}{space 4}-.9627731{col 67}{space 3}-.5218442
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5679556{col 26}{space 2} .1030221{col 37}{space 1}   -5.51{col 46}{space 3}0.000{col 54}{space 4}-.7706876{col 67}{space 3}-.3652235
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6605896{col 26}{space 2} .0910362{col 37}{space 1}   -7.26{col 46}{space 3}0.000{col 54}{space 4}-.8397353{col 67}{space 3} -.481444
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7509497{col 26}{space 2} .0808119{col 37}{space 1}   -9.29{col 46}{space 3}0.000{col 54}{space 4}-.9099754{col 67}{space 3} -.591924
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6279644{col 26}{space 2} .0874649{col 37}{space 1}   -7.18{col 46}{space 3}0.000{col 54}{space 4}-.8000823{col 67}{space 3}-.4558465
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7342285{col 26}{space 2} .0937879{col 37}{space 1}   -7.83{col 46}{space 3}0.000{col 54}{space 4} -.918789{col 67}{space 3} -.549668
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-1.287126{col 26}{space 2} 1.985516{col 37}{space 1}   -0.65{col 46}{space 3}0.517{col 54}{space 4}-5.194325{col 67}{space 3} 2.620073
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (303 categories)

{com}. est store roe01
{txt}
{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==2, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__41 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1475
{col 56}{help j_robustsingular:F( 41, 315)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.5184
{txt}{col 56}Adj R-squared ={res}  0.3622
{txt}{col 56}Root MSE      = {res} .35937

{txt}{ralign 78:(Std. Err. adjusted for {res:316} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0972755{col 26}{space 2} .0440625{col 37}{space 1}   -2.21{col 46}{space 3}0.028{col 54}{space 4}-.1839696{col 67}{space 3}-.0105815
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0608962{col 26}{space 2} .0526987{col 37}{space 1}    1.16{col 46}{space 3}0.249{col 54}{space 4}-.0427898{col 67}{space 3} .1645822
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0000319{col 26}{space 2} .0000985{col 37}{space 1}   -0.32{col 46}{space 3}0.746{col 54}{space 4}-.0002256{col 67}{space 3} .0001619
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0016749{col 26}{space 2} .0012032{col 37}{space 1}    1.39{col 46}{space 3}0.165{col 54}{space 4}-.0006925{col 67}{space 3} .0040422
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.8001751{col 26}{space 2} .3634812{col 37}{space 1}   -2.20{col 46}{space 3}0.028{col 54}{space 4}-1.515333{col 67}{space 3}-.0850172
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0762852{col 26}{space 2} .0178545{col 37}{space 1}   -4.27{col 46}{space 3}0.000{col 54}{space 4}-.1114143{col 67}{space 3}-.0411561
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2914062{col 26}{space 2}  .357585{col 37}{space 1}   -0.81{col 46}{space 3}0.416{col 54}{space 4}-.9949631{col 67}{space 3} .4121506
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0634315{col 26}{space 2} .2042009{col 37}{space 1}    0.31{col 46}{space 3}0.756{col 54}{space 4}-.3383386{col 67}{space 3} .4652015
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0358408{col 26}{space 2} .0183289{col 37}{space 1}    1.96{col 46}{space 3}0.051{col 54}{space 4}-.0002217{col 67}{space 3} .0719034
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0047669{col 26}{space 2} .0009514{col 37}{space 1}    5.01{col 46}{space 3}0.000{col 54}{space 4}  .002895{col 67}{space 3} .0066387
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .0264374{col 26}{space 2}  .207368{col 37}{space 1}    0.13{col 46}{space 3}0.899{col 54}{space 4} -.381564{col 67}{space 3} .4344389
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 3.91e-07{col 26}{space 2} 6.30e-07{col 37}{space 1}    0.62{col 46}{space 3}0.535{col 54}{space 4}-8.49e-07{col 67}{space 3} 1.63e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 6.46e-07{col 26}{space 2} 5.46e-07{col 37}{space 1}    1.18{col 46}{space 3}0.238{col 54}{space 4}-4.29e-07{col 67}{space 3} 1.72e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0717528{col 26}{space 2} .0240974{col 37}{space 1}   -2.98{col 46}{space 3}0.003{col 54}{space 4} -.119165{col 67}{space 3}-.0243405
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .0669713{col 26}{space 2} .0885388{col 37}{space 1}    0.76{col 46}{space 3}0.450{col 54}{space 4} -.107231{col 67}{space 3} .2411735
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} -.055647{col 26}{space 2} .1016795{col 37}{space 1}   -0.55{col 46}{space 3}0.585{col 54}{space 4}-.2557039{col 67}{space 3} .1444098
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0096156{col 26}{space 2} .0677153{col 37}{space 1}   -0.14{col 46}{space 3}0.887{col 54}{space 4}-.1428471{col 67}{space 3} .1236159
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1367593{col 26}{space 2} .0952868{col 37}{space 1}    1.44{col 46}{space 3}0.152{col 54}{space 4}-.0507198{col 67}{space 3} .3242384
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0366203{col 26}{space 2} .1004868{col 37}{space 1}    0.36{col 46}{space 3}0.716{col 54}{space 4}-.1610899{col 67}{space 3} .2343304
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} .0479822{col 26}{space 2} .1465669{col 37}{space 1}    0.33{col 46}{space 3}0.744{col 54}{space 4}-.2403915{col 67}{space 3}  .336356
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1863029{col 26}{space 2} .0878003{col 37}{space 1}    2.12{col 46}{space 3}0.035{col 54}{space 4} .0135538{col 67}{space 3}  .359052
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .1069165{col 26}{space 2} .0487647{col 37}{space 1}    2.19{col 46}{space 3}0.029{col 54}{space 4} .0109709{col 67}{space 3} .2028621
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.2032324{col 26}{space 2} .2549045{col 37}{space 1}   -0.80{col 46}{space 3}0.426{col 54}{space 4}-.7047629{col 67}{space 3} .2982981
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.1664842{col 26}{space 2} .2818492{col 37}{space 1}   -0.59{col 46}{space 3}0.555{col 54}{space 4}-.7210293{col 67}{space 3} .3880608
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.1729526{col 26}{space 2} .2547004{col 37}{space 1}   -0.68{col 46}{space 3}0.498{col 54}{space 4}-.6740816{col 67}{space 3} .3281764
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.1394903{col 26}{space 2} .2513167{col 37}{space 1}   -0.56{col 46}{space 3}0.579{col 54}{space 4}-.6339618{col 67}{space 3} .3549813
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0942641{col 26}{space 2}   .25427{col 37}{space 1}   -0.37{col 46}{space 3}0.711{col 54}{space 4}-.5945464{col 67}{space 3} .4060182
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.1328522{col 26}{space 2} .2559718{col 37}{space 1}   -0.52{col 46}{space 3}0.604{col 54}{space 4}-.6364828{col 67}{space 3} .3707784
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .6348685{col 26}{space 2} .5334413{col 37}{space 1}    1.19{col 46}{space 3}0.235{col 54}{space 4}-.4146898{col 67}{space 3} 1.684427
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.1857131{col 26}{space 2} .2532335{col 37}{space 1}   -0.73{col 46}{space 3}0.464{col 54}{space 4}-.6839559{col 67}{space 3} .3125298
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.1508769{col 26}{space 2} .2475627{col 37}{space 1}   -0.61{col 46}{space 3}0.543{col 54}{space 4}-.6379623{col 67}{space 3} .3362085
{txt}_Iprovinc~41 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.7049916{col 26}{space 2} .2623982{col 37}{space 1}   -2.69{col 46}{space 3}0.008{col 54}{space 4}-1.221266{col 67}{space 3}-.1887169
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} -.143778{col 26}{space 2} .2550522{col 37}{space 1}   -0.56{col 46}{space 3}0.573{col 54}{space 4}-.6455992{col 67}{space 3} .3580432
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.1062217{col 26}{space 2} .2887683{col 37}{space 1}   -0.37{col 46}{space 3}0.713{col 54}{space 4}-.6743801{col 67}{space 3} .4619368
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.7000551{col 26}{space 2} .2672165{col 37}{space 1}   -2.62{col 46}{space 3}0.009{col 54}{space 4} -1.22581{col 67}{space 3}-.1743003
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.1365732{col 26}{space 2} .3087698{col 37}{space 1}   -0.44{col 46}{space 3}0.659{col 54}{space 4}-.7440851{col 67}{space 3} .4709387
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.4401385{col 26}{space 2} .3250179{col 37}{space 1}   -1.35{col 46}{space 3}0.177{col 54}{space 4}-1.079619{col 67}{space 3} .1993418
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .0399464{col 26}{space 2} .2604497{col 37}{space 1}    0.15{col 46}{space 3}0.878{col 54}{space 4}-.4724946{col 67}{space 3} .5523873
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.1254552{col 26}{space 2} .2934875{col 37}{space 1}   -0.43{col 46}{space 3}0.669{col 54}{space 4}-.7028988{col 67}{space 3} .4519883
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7120489{col 26}{space 2} .0558225{col 37}{space 1}  -12.76{col 46}{space 3}0.000{col 54}{space 4}-.8218809{col 67}{space 3}-.6022169
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7943532{col 26}{space 2} .0545297{col 37}{space 1}  -14.57{col 46}{space 3}0.000{col 54}{space 4}-.9016416{col 67}{space 3}-.6870648
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7259072{col 26}{space 2} .0582256{col 37}{space 1}  -12.47{col 46}{space 3}0.000{col 54}{space 4}-.8404674{col 67}{space 3} -.611347
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7776507{col 26}{space 2} .0529222{col 37}{space 1}  -14.69{col 46}{space 3}0.000{col 54}{space 4}-.8817764{col 67}{space 3}-.6735251
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8197113{col 26}{space 2} .0540773{col 37}{space 1}  -15.16{col 46}{space 3}0.000{col 54}{space 4}-.9261096{col 67}{space 3} -.713313
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7827115{col 26}{space 2} .0546913{col 37}{space 1}  -14.31{col 46}{space 3}0.000{col 54}{space 4}-.8903179{col 67}{space 3}-.6751051
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.9338144{col 26}{space 2} .0557222{col 37}{space 1}  -16.76{col 46}{space 3}0.000{col 54}{space 4}-1.043449{col 67}{space 3}-.8241796
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.608082{col 26}{space 2} 1.830704{col 37}{space 1}    3.06{col 46}{space 3}0.002{col 54}{space 4} 2.006129{col 67}{space 3} 9.210035
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (316 categories)

{com}. est store nm02
{txt}
{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==2, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_20 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__41 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1475
{col 56}{help j_robustsingular:F( 41, 315)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4955
{txt}{col 56}Adj R-squared ={res}  0.3318
{txt}{col 56}Root MSE      = {res} .36148

{txt}{ralign 78:(Std. Err. adjusted for {res:316} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0868423{col 26}{space 2} .0434298{col 37}{space 1}   -2.00{col 46}{space 3}0.046{col 54}{space 4}-.1722914{col 67}{space 3}-.0013933
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0450593{col 26}{space 2} .0503716{col 37}{space 1}    0.89{col 46}{space 3}0.372{col 54}{space 4}-.0540481{col 67}{space 3} .1441666
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0001302{col 26}{space 2} .0001057{col 37}{space 1}   -1.23{col 46}{space 3}0.219{col 54}{space 4}-.0003382{col 67}{space 3} .0000779
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0004314{col 26}{space 2} .0012721{col 37}{space 1}    0.34{col 46}{space 3}0.735{col 54}{space 4}-.0020715{col 67}{space 3} .0029343
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.4995417{col 26}{space 2} .2865118{col 37}{space 1}   -1.74{col 46}{space 3}0.082{col 54}{space 4} -1.06326{col 67}{space 3} .0641771
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0694117{col 26}{space 2} .0194394{col 37}{space 1}   -3.57{col 46}{space 3}0.000{col 54}{space 4}-.1076592{col 67}{space 3}-.0311641
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.1505133{col 26}{space 2} .3507982{col 37}{space 1}   -0.43{col 46}{space 3}0.668{col 54}{space 4} -.840717{col 67}{space 3} .5396905
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}   .04992{col 26}{space 2} .1898592{col 37}{space 1}    0.26{col 46}{space 3}0.793{col 54}{space 4}-.3236325{col 67}{space 3} .4234724
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0205678{col 26}{space 2} .0142288{col 37}{space 1}    1.45{col 46}{space 3}0.149{col 54}{space 4}-.0074276{col 67}{space 3} .0485633
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0041469{col 26}{space 2} .0010659{col 37}{space 1}    3.89{col 46}{space 3}0.000{col 54}{space 4} .0020496{col 67}{space 3} .0062442
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .0604351{col 26}{space 2} .2001772{col 37}{space 1}    0.30{col 46}{space 3}0.763{col 54}{space 4}-.3334183{col 67}{space 3} .4542885
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 2.52e-07{col 26}{space 2} 6.06e-07{col 37}{space 1}    0.42{col 46}{space 3}0.677{col 54}{space 4}-9.40e-07{col 67}{space 3} 1.44e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 1.26e-06{col 26}{space 2} 5.51e-07{col 37}{space 1}    2.28{col 46}{space 3}0.023{col 54}{space 4} 1.74e-07{col 67}{space 3} 2.34e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0730029{col 26}{space 2} .0204289{col 37}{space 1}   -3.57{col 46}{space 3}0.000{col 54}{space 4}-.1131973{col 67}{space 3}-.0328085
{txt}_Irelatio~20 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.0270535{col 26}{space 2} .1287973{col 37}{space 1}   -0.21{col 46}{space 3}0.834{col 54}{space 4}-.2804652{col 67}{space 3} .2263582
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0231918{col 26}{space 2} .0864059{col 37}{space 1}   -0.27{col 46}{space 3}0.789{col 54}{space 4}-.1931975{col 67}{space 3} .1468139
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.0154189{col 26}{space 2} .0871954{col 37}{space 1}   -0.18{col 46}{space 3}0.860{col 54}{space 4}-.1869779{col 67}{space 3} .1561401
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .0901494{col 26}{space 2} .1079527{col 37}{space 1}    0.84{col 46}{space 3}0.404{col 54}{space 4}  -.12225{col 67}{space 3} .3025488
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0294541{col 26}{space 2} .1089763{col 37}{space 1}    0.27{col 46}{space 3}0.787{col 54}{space 4}-.1849593{col 67}{space 3} .2438676
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.0696714{col 26}{space 2} .1186905{col 37}{space 1}   -0.59{col 46}{space 3}0.558{col 54}{space 4}-.3031978{col 67}{space 3} .1638549
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}  .114547{col 26}{space 2} .1103773{col 37}{space 1}    1.04{col 46}{space 3}0.300{col 54}{space 4}-.1026229{col 67}{space 3} .3317169
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .0554462{col 26}{space 2}  .070168{col 37}{space 1}    0.79{col 46}{space 3}0.430{col 54}{space 4} -.082611{col 67}{space 3} .1935034
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.2384252{col 26}{space 2} .2333095{col 37}{space 1}   -1.02{col 46}{space 3}0.308{col 54}{space 4} -.697467{col 67}{space 3} .2206167
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0965813{col 26}{space 2} .2518189{col 37}{space 1}   -0.38{col 46}{space 3}0.702{col 54}{space 4}-.5920409{col 67}{space 3} .3988782
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.1578736{col 26}{space 2} .2332909{col 37}{space 1}   -0.68{col 46}{space 3}0.499{col 54}{space 4}-.6168789{col 67}{space 3} .3011317
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.1303586{col 26}{space 2} .2275402{col 37}{space 1}   -0.57{col 46}{space 3}0.567{col 54}{space 4}-.5780493{col 67}{space 3}  .317332
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.1058953{col 26}{space 2} .2308621{col 37}{space 1}   -0.46{col 46}{space 3}0.647{col 54}{space 4}-.5601219{col 67}{space 3} .3483312
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.1276134{col 26}{space 2} .2312301{col 37}{space 1}   -0.55{col 46}{space 3}0.581{col 54}{space 4}-.5825642{col 67}{space 3} .3273373
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .5919742{col 26}{space 2}   .48982{col 37}{space 1}    1.21{col 46}{space 3}0.228{col 54}{space 4}-.3717583{col 67}{space 3} 1.555707
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.1500624{col 26}{space 2}   .22686{col 37}{space 1}   -0.66{col 46}{space 3}0.509{col 54}{space 4}-.5964149{col 67}{space 3}   .29629
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.1213625{col 26}{space 2} .2240658{col 37}{space 1}   -0.54{col 46}{space 3}0.588{col 54}{space 4}-.5622173{col 67}{space 3} .3194923
{txt}_Iprovinc~41 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.4186433{col 26}{space 2} .2365521{col 37}{space 1}   -1.77{col 46}{space 3}0.078{col 54}{space 4}-.8840651{col 67}{space 3} .0467784
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.1449569{col 26}{space 2}  .231131{col 37}{space 1}   -0.63{col 46}{space 3}0.531{col 54}{space 4}-.5997125{col 67}{space 3} .3097987
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.1728309{col 26}{space 2} .2670889{col 37}{space 1}   -0.65{col 46}{space 3}0.518{col 54}{space 4}-.6983346{col 67}{space 3} .3526728
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.7305617{col 26}{space 2} .2454072{col 37}{space 1}   -2.98{col 46}{space 3}0.003{col 54}{space 4}-1.213406{col 67}{space 3}-.2477172
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.0476696{col 26}{space 2} .2679701{col 37}{space 1}   -0.18{col 46}{space 3}0.859{col 54}{space 4}-.5749071{col 67}{space 3} .4795679
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} -.402049{col 26}{space 2}  .258908{col 37}{space 1}   -1.55{col 46}{space 3}0.121{col 54}{space 4}-.9114566{col 67}{space 3} .1073585
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .1592513{col 26}{space 2} .2379395{col 37}{space 1}    0.67{col 46}{space 3}0.504{col 54}{space 4}-.3089002{col 67}{space 3} .6274028
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} -.234482{col 26}{space 2} .2352217{col 37}{space 1}   -1.00{col 46}{space 3}0.320{col 54}{space 4}-.6972862{col 67}{space 3} .2283223
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7253327{col 26}{space 2}  .056876{col 37}{space 1}  -12.75{col 46}{space 3}0.000{col 54}{space 4}-.8372376{col 67}{space 3}-.6134278
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7774612{col 26}{space 2} .0554999{col 37}{space 1}  -14.01{col 46}{space 3}0.000{col 54}{space 4}-.8866586{col 67}{space 3}-.6682637
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7344645{col 26}{space 2} .0568782{col 37}{space 1}  -12.91{col 46}{space 3}0.000{col 54}{space 4}-.8463738{col 67}{space 3}-.6225553
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7826072{col 26}{space 2}  .053242{col 37}{space 1}  -14.70{col 46}{space 3}0.000{col 54}{space 4} -.887362{col 67}{space 3}-.6778524
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8003212{col 26}{space 2} .0547942{col 37}{space 1}  -14.61{col 46}{space 3}0.000{col 54}{space 4}  -.90813{col 67}{space 3}-.6925124
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7612816{col 26}{space 2} .0548592{col 37}{space 1}  -13.88{col 46}{space 3}0.000{col 54}{space 4}-.8692184{col 67}{space 3}-.6533448
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.9079792{col 26}{space 2} .0552299{col 37}{space 1}  -16.44{col 46}{space 3}0.000{col 54}{space 4}-1.016645{col 67}{space 3} -.799313
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.214653{col 26}{space 2} 1.461922{col 37}{space 1}    2.88{col 46}{space 3}0.004{col 54}{space 4} 1.338287{col 67}{space 3}  7.09102
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (316 categories)

{com}. est store roa02
{txt}
{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==2, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_20 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__41 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1475
{col 56}{help j_robustsingular:F( 41, 315)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4234
{txt}{col 56}Adj R-squared ={res}  0.2363
{txt}{col 56}Root MSE      = {res}  .4688

{txt}{ralign 78:(Std. Err. adjusted for {res:316} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0942189{col 26}{space 2} .0532393{col 37}{space 1}   -1.77{col 46}{space 3}0.078{col 54}{space 4}-.1989686{col 67}{space 3} .0105308
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0341345{col 26}{space 2} .0601088{col 37}{space 1}    0.57{col 46}{space 3}0.571{col 54}{space 4}-.0841309{col 67}{space 3}    .1524
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-.0001611{col 26}{space 2} .0001359{col 37}{space 1}   -1.19{col 46}{space 3}0.237{col 54}{space 4}-.0004285{col 67}{space 3} .0001063
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0009961{col 26}{space 2} .0015804{col 37}{space 1}    0.63{col 46}{space 3}0.529{col 54}{space 4}-.0021134{col 67}{space 3} .0041057
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.4480548{col 26}{space 2} .3089417{col 37}{space 1}   -1.45{col 46}{space 3}0.148{col 54}{space 4}-1.055905{col 67}{space 3} .1597953
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0724902{col 26}{space 2} .0211988{col 37}{space 1}   -3.42{col 46}{space 3}0.001{col 54}{space 4}-.1141993{col 67}{space 3}-.0307811
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.3655346{col 26}{space 2} .4098355{col 37}{space 1}   -0.89{col 46}{space 3}0.373{col 54}{space 4}-1.171896{col 67}{space 3} .4408264
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0376444{col 26}{space 2} .2500094{col 37}{space 1}    0.15{col 46}{space 3}0.880{col 54}{space 4} -.454255{col 67}{space 3} .5295438
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0180305{col 26}{space 2} .0150999{col 37}{space 1}    1.19{col 46}{space 3}0.233{col 54}{space 4} -.011679{col 67}{space 3} .0477399
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0043002{col 26}{space 2} .0012382{col 37}{space 1}    3.47{col 46}{space 3}0.001{col 54}{space 4} .0018641{col 67}{space 3} .0067364
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .1503906{col 26}{space 2} .2786714{col 37}{space 1}    0.54{col 46}{space 3}0.590{col 54}{space 4}-.3979018{col 67}{space 3} .6986831
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 5.07e-07{col 26}{space 2} 6.94e-07{col 37}{space 1}    0.73{col 46}{space 3}0.465{col 54}{space 4}-8.58e-07{col 67}{space 3} 1.87e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 1.80e-06{col 26}{space 2} 6.71e-07{col 37}{space 1}    2.69{col 46}{space 3}0.008{col 54}{space 4} 4.83e-07{col 67}{space 3} 3.12e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.1018968{col 26}{space 2} .0283967{col 37}{space 1}   -3.59{col 46}{space 3}0.000{col 54}{space 4}-.1577679{col 67}{space 3}-.0460257
{txt}_Irelatio~20 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.0011537{col 26}{space 2} .1623517{col 37}{space 1}   -0.01{col 46}{space 3}0.994{col 54}{space 4}-.3205844{col 67}{space 3} .3182771
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0118739{col 26}{space 2} .1219031{col 37}{space 1}   -0.10{col 46}{space 3}0.922{col 54}{space 4}-.2517211{col 67}{space 3} .2279733
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .2194638{col 26}{space 2} .1164931{col 37}{space 1}    1.88{col 46}{space 3}0.060{col 54}{space 4}-.0097392{col 67}{space 3} .4486667
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1620458{col 26}{space 2} .1307086{col 37}{space 1}    1.24{col 46}{space 3}0.216{col 54}{space 4}-.0951265{col 67}{space 3} .4192182
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .1142545{col 26}{space 2} .1516175{col 37}{space 1}    0.75{col 46}{space 3}0.452{col 54}{space 4}-.1840565{col 67}{space 3} .4125655
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.0573124{col 26}{space 2} .1811157{col 37}{space 1}   -0.32{col 46}{space 3}0.752{col 54}{space 4}-.4136619{col 67}{space 3}  .299037
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1831665{col 26}{space 2} .1347982{col 37}{space 1}    1.36{col 46}{space 3}0.175{col 54}{space 4}-.0820522{col 67}{space 3} .4483852
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .1207652{col 26}{space 2} .0916428{col 37}{space 1}    1.32{col 46}{space 3}0.189{col 54}{space 4} -.059544{col 67}{space 3} .3010745
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} -.253505{col 26}{space 2} .2800287{col 37}{space 1}   -0.91{col 46}{space 3}0.366{col 54}{space 4}-.8044681{col 67}{space 3}  .297458
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.1395415{col 26}{space 2} .3107445{col 37}{space 1}   -0.45{col 46}{space 3}0.654{col 54}{space 4}-.7509387{col 67}{space 3} .4718557
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.1518094{col 26}{space 2} .2807195{col 37}{space 1}   -0.54{col 46}{space 3}0.589{col 54}{space 4}-.7041316{col 67}{space 3} .4005127
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0962036{col 26}{space 2} .2706162{col 37}{space 1}   -0.36{col 46}{space 3}0.722{col 54}{space 4}-.6286473{col 67}{space 3} .4362401
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.1002171{col 26}{space 2} .2762282{col 37}{space 1}   -0.36{col 46}{space 3}0.717{col 54}{space 4}-.6437025{col 67}{space 3} .4432684
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.0919982{col 26}{space 2} .2751058{col 37}{space 1}   -0.33{col 46}{space 3}0.738{col 54}{space 4}-.6332754{col 67}{space 3}  .449279
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .8981793{col 26}{space 2} .6188705{col 37}{space 1}    1.45{col 46}{space 3}0.148{col 54}{space 4}-.3194629{col 67}{space 3} 2.115822
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.1190846{col 26}{space 2} .2703657{col 37}{space 1}   -0.44{col 46}{space 3}0.660{col 54}{space 4}-.6510354{col 67}{space 3} .4128663
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.0735702{col 26}{space 2} .2676884{col 37}{space 1}   -0.27{col 46}{space 3}0.784{col 54}{space 4}-.6002534{col 67}{space 3} .4531131
{txt}_Iprovinc~41 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} -.534413{col 26}{space 2} .2858025{col 37}{space 1}   -1.87{col 46}{space 3}0.062{col 54}{space 4}-1.096736{col 67}{space 3} .0279101
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.1405319{col 26}{space 2} .2767402{col 37}{space 1}   -0.51{col 46}{space 3}0.612{col 54}{space 4}-.6850247{col 67}{space 3} .4039609
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.3755118{col 26}{space 2} .4280391{col 37}{space 1}   -0.88{col 46}{space 3}0.381{col 54}{space 4}-1.217689{col 67}{space 3} .4666652
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} -1.49122{col 26}{space 2} .2973925{col 37}{space 1}   -5.01{col 46}{space 3}0.000{col 54}{space 4}-2.076347{col 67}{space 3}-.9060933
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.0199735{col 26}{space 2} .3187067{col 37}{space 1}   -0.06{col 46}{space 3}0.950{col 54}{space 4}-.6470364{col 67}{space 3} .6070893
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.6290221{col 26}{space 2} .3904448{col 37}{space 1}   -1.61{col 46}{space 3}0.108{col 54}{space 4}-1.397231{col 67}{space 3} .1391872
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .1789312{col 26}{space 2} .2833842{col 37}{space 1}    0.63{col 46}{space 3}0.528{col 54}{space 4}-.3786338{col 67}{space 3} .7364962
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.2098242{col 26}{space 2} .2803264{col 37}{space 1}   -0.75{col 46}{space 3}0.455{col 54}{space 4}-.7613729{col 67}{space 3} .3417245
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.629418{col 26}{space 2} .0662241{col 37}{space 1}   -9.50{col 46}{space 3}0.000{col 54}{space 4}-.7597155{col 67}{space 3}-.4991206
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7987885{col 26}{space 2} .0650056{col 37}{space 1}  -12.29{col 46}{space 3}0.000{col 54}{space 4}-.9266885{col 67}{space 3}-.6708884
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7439482{col 26}{space 2} .0678238{col 37}{space 1}  -10.97{col 46}{space 3}0.000{col 54}{space 4}-.8773931{col 67}{space 3}-.6105032
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2} -.748825{col 26}{space 2}  .065148{col 37}{space 1}  -11.49{col 46}{space 3}0.000{col 54}{space 4}-.8770052{col 67}{space 3}-.6206448
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7886916{col 26}{space 2} .0712981{col 37}{space 1}  -11.06{col 46}{space 3}0.000{col 54}{space 4}-.9289723{col 67}{space 3}-.6484108
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7315728{col 26}{space 2} .0675043{col 37}{space 1}  -10.84{col 46}{space 3}0.000{col 54}{space 4}-.8643891{col 67}{space 3}-.5987565
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8729533{col 26}{space 2} .0724185{col 37}{space 1}  -12.05{col 46}{space 3}0.000{col 54}{space 4}-1.015438{col 67}{space 3}-.7304682
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.892251{col 26}{space 2}  1.60139{col 37}{space 1}    2.43{col 46}{space 3}0.016{col 54}{space 4} .7414795{col 67}{space 3} 7.043023
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (316 categories)

{com}. est store roe02
{txt}
{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==3, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__41 omitted because of collinearity
{txt}note: _Iprovince__42 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1700
{col 56}{help j_robustsingular:F( 41, 315)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4717
{txt}{col 56}Adj R-squared ={res}  0.3301
{txt}{col 56}Root MSE      = {res} .37449

{txt}{ralign 78:(Std. Err. adjusted for {res:316} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0146145{col 26}{space 2} .0388058{col 37}{space 1}   -0.38{col 46}{space 3}0.707{col 54}{space 4}-.0909659{col 67}{space 3} .0617369
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0061939{col 26}{space 2} .0353965{col 37}{space 1}   -0.17{col 46}{space 3}0.861{col 54}{space 4}-.0758373{col 67}{space 3} .0634495
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} .0000124{col 26}{space 2} .0000521{col 37}{space 1}    0.24{col 46}{space 3}0.813{col 54}{space 4}-.0000902{col 67}{space 3} .0001149
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0012886{col 26}{space 2} .0011802{col 37}{space 1}    1.09{col 46}{space 3}0.276{col 54}{space 4}-.0010334{col 67}{space 3} .0036106
{txt}{space 3}logassets {c |}{col 14}{res}{space 2} -.584986{col 26}{space 2} .2307916{col 37}{space 1}   -2.53{col 46}{space 3}0.012{col 54}{space 4}-1.039074{col 67}{space 3}-.1308981
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1155539{col 26}{space 2} .0155172{col 37}{space 1}   -7.45{col 46}{space 3}0.000{col 54}{space 4}-.1460842{col 67}{space 3}-.0850235
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .1595491{col 26}{space 2} .3069674{col 37}{space 1}    0.52{col 46}{space 3}0.604{col 54}{space 4}-.4444166{col 67}{space 3} .7635147
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}  .320096{col 26}{space 2} .1764219{col 37}{space 1}    1.81{col 46}{space 3}0.071{col 54}{space 4}-.0270182{col 67}{space 3} .6672102
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0263199{col 26}{space 2} .0111636{col 37}{space 1}    2.36{col 46}{space 3}0.019{col 54}{space 4} .0043552{col 67}{space 3} .0482845
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0060489{col 26}{space 2}  .000988{col 37}{space 1}    6.12{col 46}{space 3}0.000{col 54}{space 4} .0041049{col 67}{space 3} .0079928
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.0259309{col 26}{space 2} .1922294{col 37}{space 1}   -0.13{col 46}{space 3}0.893{col 54}{space 4}-.4041467{col 67}{space 3} .3522849
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-2.74e-07{col 26}{space 2} 5.35e-07{col 37}{space 1}   -0.51{col 46}{space 3}0.609{col 54}{space 4}-1.33e-06{col 67}{space 3} 7.79e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-4.64e-07{col 26}{space 2} 3.39e-07{col 37}{space 1}   -1.37{col 46}{space 3}0.172{col 54}{space 4}-1.13e-06{col 67}{space 3} 2.02e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0213094{col 26}{space 2}  .033239{col 37}{space 1}   -0.64{col 46}{space 3}0.522{col 54}{space 4}-.0867079{col 67}{space 3} .0440891
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.2272066{col 26}{space 2} .3455964{col 37}{space 1}   -0.66{col 46}{space 3}0.511{col 54}{space 4}-.9071755{col 67}{space 3} .4527624
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .3209454{col 26}{space 2} .0807757{col 37}{space 1}    3.97{col 46}{space 3}0.000{col 54}{space 4} .1620174{col 67}{space 3} .4798734
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .2877256{col 26}{space 2} .0776833{col 37}{space 1}    3.70{col 46}{space 3}0.000{col 54}{space 4} .1348819{col 67}{space 3} .4405692
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .0413581{col 26}{space 2} .2925744{col 37}{space 1}    0.14{col 46}{space 3}0.888{col 54}{space 4}-.5342889{col 67}{space 3} .6170051
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .2004949{col 26}{space 2} .1085969{col 37}{space 1}    1.85{col 46}{space 3}0.066{col 54}{space 4}-.0131721{col 67}{space 3} .4141619
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .1976747{col 26}{space 2} .0728481{col 37}{space 1}    2.71{col 46}{space 3}0.007{col 54}{space 4} .0543444{col 67}{space 3} .3410051
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .3477404{col 26}{space 2} .0985029{col 37}{space 1}    3.53{col 46}{space 3}0.000{col 54}{space 4} .1539335{col 67}{space 3} .5415472
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .2503833{col 26}{space 2} .0615707{col 37}{space 1}    4.07{col 46}{space 3}0.000{col 54}{space 4} .1292416{col 67}{space 3} .3715251
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} -.124934{col 26}{space 2} .1127488{col 37}{space 1}   -1.11{col 46}{space 3}0.269{col 54}{space 4}  -.34677{col 67}{space 3}  .096902
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0408767{col 26}{space 2} .1783087{col 37}{space 1}   -0.23{col 46}{space 3}0.819{col 54}{space 4}-.3917033{col 67}{space 3} .3099499
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0283588{col 26}{space 2} .1322877{col 37}{space 1}   -0.21{col 46}{space 3}0.830{col 54}{space 4}-.2886379{col 67}{space 3} .2319203
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0719318{col 26}{space 2} .0978508{col 37}{space 1}   -0.74{col 46}{space 3}0.463{col 54}{space 4}-.2644555{col 67}{space 3} .1205918
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0320305{col 26}{space 2} .0958428{col 37}{space 1}   -0.33{col 46}{space 3}0.738{col 54}{space 4}-.2206034{col 67}{space 3} .1565424
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}  .003388{col 26}{space 2} .0921794{col 37}{space 1}    0.04{col 46}{space 3}0.971{col 54}{space 4}-.1779772{col 67}{space 3} .1847532
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} -.246298{col 26}{space 2} .1201301{col 37}{space 1}   -2.05{col 46}{space 3}0.041{col 54}{space 4}-.4826569{col 67}{space 3}-.0099392
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0710207{col 26}{space 2} .0883767{col 37}{space 1}   -0.80{col 46}{space 3}0.422{col 54}{space 4}-.2449041{col 67}{space 3} .1028626
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.0698265{col 26}{space 2} .1020324{col 37}{space 1}   -0.68{col 46}{space 3}0.494{col 54}{space 4}-.2705776{col 67}{space 3} .1309247
{txt}_Iprovinc~41 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~42 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.0323665{col 26}{space 2}  .084397{col 37}{space 1}   -0.38{col 46}{space 3}0.702{col 54}{space 4}-.1984196{col 67}{space 3} .1336866
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} -.056964{col 26}{space 2} .2131497{col 37}{space 1}   -0.27{col 46}{space 3}0.789{col 54}{space 4} -.476341{col 67}{space 3}  .362413
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}  .145583{col 26}{space 2} .5884171{col 37}{space 1}    0.25{col 46}{space 3}0.805{col 54}{space 4}-1.012142{col 67}{space 3} 1.303308
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.0508754{col 26}{space 2} .0889071{col 37}{space 1}   -0.57{col 46}{space 3}0.568{col 54}{space 4}-.2258022{col 67}{space 3} .1240515
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.4979748{col 26}{space 2} .1121463{col 37}{space 1}   -4.44{col 46}{space 3}0.000{col 54}{space 4}-.7186254{col 67}{space 3}-.2773243
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.4443258{col 26}{space 2}   .17774{col 37}{space 1}   -2.50{col 46}{space 3}0.013{col 54}{space 4}-.7940335{col 67}{space 3}-.0946182
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7047445{col 26}{space 2} .0512347{col 37}{space 1}  -13.76{col 46}{space 3}0.000{col 54}{space 4}-.8055499{col 67}{space 3}-.6039391
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7808112{col 26}{space 2} .0481156{col 37}{space 1}  -16.23{col 46}{space 3}0.000{col 54}{space 4}-.8754797{col 67}{space 3}-.6861426
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6629797{col 26}{space 2} .0449064{col 37}{space 1}  -14.76{col 46}{space 3}0.000{col 54}{space 4}-.7513341{col 67}{space 3}-.5746253
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8008839{col 26}{space 2} .0492778{col 37}{space 1}  -16.25{col 46}{space 3}0.000{col 54}{space 4}-.8978391{col 67}{space 3}-.7039286
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7412697{col 26}{space 2} .0550217{col 37}{space 1}  -13.47{col 46}{space 3}0.000{col 54}{space 4}-.8495262{col 67}{space 3}-.6330132
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6079982{col 26}{space 2} .0561328{col 37}{space 1}  -10.83{col 46}{space 3}0.000{col 54}{space 4}-.7184407{col 67}{space 3}-.4975557
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8204583{col 26}{space 2}  .056884{col 37}{space 1}  -14.42{col 46}{space 3}0.000{col 54}{space 4}-.9323788{col 67}{space 3}-.7085378
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.185195{col 26}{space 2} 1.207152{col 37}{space 1}    3.47{col 46}{space 3}0.001{col 54}{space 4} 1.810096{col 67}{space 3} 6.560294
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (316 categories)

{com}. est store nm03
{txt}
{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==3, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__41 omitted because of collinearity
{txt}note: _Iprovince__42 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1700
{col 56}{help j_robustsingular:F( 41, 315)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4727
{txt}{col 56}Adj R-squared ={res}  0.3314
{txt}{col 56}Root MSE      = {res} .35906

{txt}{ralign 78:(Std. Err. adjusted for {res:316} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0119567{col 26}{space 2} .0409536{col 37}{space 1}   -0.29{col 46}{space 3}0.771{col 54}{space 4}-.0925339{col 67}{space 3} .0686205
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0211752{col 26}{space 2} .0315445{col 37}{space 1}   -0.67{col 46}{space 3}0.503{col 54}{space 4}-.0832398{col 67}{space 3} .0408895
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 3.87e-06{col 26}{space 2} .0000511{col 37}{space 1}    0.08{col 46}{space 3}0.940{col 54}{space 4}-.0000967{col 67}{space 3} .0001044
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0005421{col 26}{space 2} .0010747{col 37}{space 1}    0.50{col 46}{space 3}0.614{col 54}{space 4}-.0015723{col 67}{space 3} .0026565
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.5432019{col 26}{space 2} .2267935{col 37}{space 1}   -2.40{col 46}{space 3}0.017{col 54}{space 4}-.9894235{col 67}{space 3}-.0969803
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1101356{col 26}{space 2} .0155116{col 37}{space 1}   -7.10{col 46}{space 3}0.000{col 54}{space 4} -.140655{col 67}{space 3}-.0796162
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .1177268{col 26}{space 2}    .2706{col 37}{space 1}    0.44{col 46}{space 3}0.664{col 54}{space 4}-.4146851{col 67}{space 3} .6501387
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .2687854{col 26}{space 2}  .178308{col 37}{space 1}    1.51{col 46}{space 3}0.133{col 54}{space 4}-.0820398{col 67}{space 3} .6196106
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2}  .024331{col 26}{space 2} .0109813{col 37}{space 1}    2.22{col 46}{space 3}0.027{col 54}{space 4} .0027251{col 67}{space 3} .0459368
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0057509{col 26}{space 2}  .000936{col 37}{space 1}    6.14{col 46}{space 3}0.000{col 54}{space 4} .0039092{col 67}{space 3} .0075926
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.0201286{col 26}{space 2} .1956215{col 37}{space 1}   -0.10{col 46}{space 3}0.918{col 54}{space 4}-.4050185{col 67}{space 3} .3647613
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-8.49e-08{col 26}{space 2} 4.70e-07{col 37}{space 1}   -0.18{col 46}{space 3}0.857{col 54}{space 4}-1.01e-06{col 67}{space 3} 8.40e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-4.40e-07{col 26}{space 2} 3.90e-07{col 37}{space 1}   -1.13{col 46}{space 3}0.260{col 54}{space 4}-1.21e-06{col 67}{space 3} 3.28e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0113203{col 26}{space 2} .0324063{col 37}{space 1}   -0.35{col 46}{space 3}0.727{col 54}{space 4}-.0750805{col 67}{space 3}   .05244
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.0477788{col 26}{space 2} .1450375{col 37}{space 1}   -0.33{col 46}{space 3}0.742{col 54}{space 4}-.3331435{col 67}{space 3} .2375858
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .3155518{col 26}{space 2}  .074402{col 37}{space 1}    4.24{col 46}{space 3}0.000{col 54}{space 4} .1691642{col 67}{space 3} .4619395
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .2775603{col 26}{space 2} .0766989{col 37}{space 1}    3.62{col 46}{space 3}0.000{col 54}{space 4} .1266533{col 67}{space 3} .4284673
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .0229393{col 26}{space 2} .2874418{col 37}{space 1}    0.08{col 46}{space 3}0.936{col 54}{space 4}-.5426092{col 67}{space 3} .5884878
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .2484391{col 26}{space 2}  .099283{col 37}{space 1}    2.50{col 46}{space 3}0.013{col 54}{space 4} .0530975{col 67}{space 3} .4437806
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .1960709{col 26}{space 2} .0765536{col 37}{space 1}    2.56{col 46}{space 3}0.011{col 54}{space 4} .0454498{col 67}{space 3}  .346692
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .3447955{col 26}{space 2} .0943942{col 37}{space 1}    3.65{col 46}{space 3}0.000{col 54}{space 4} .1590726{col 67}{space 3} .5305183
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .2486029{col 26}{space 2} .0580828{col 37}{space 1}    4.28{col 46}{space 3}0.000{col 54}{space 4} .1343236{col 67}{space 3} .3628822
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.1552335{col 26}{space 2} .1148666{col 37}{space 1}   -1.35{col 46}{space 3}0.178{col 54}{space 4}-.3812362{col 67}{space 3} .0707692
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.1389027{col 26}{space 2} .1779097{col 37}{space 1}   -0.78{col 46}{space 3}0.436{col 54}{space 4}-.4889442{col 67}{space 3} .2111387
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0666651{col 26}{space 2}   .12637{col 37}{space 1}   -0.53{col 46}{space 3}0.598{col 54}{space 4} -.315301{col 67}{space 3} .1819709
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0895873{col 26}{space 2} .0955643{col 37}{space 1}   -0.94{col 46}{space 3}0.349{col 54}{space 4}-.2776123{col 67}{space 3} .0984378
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0535529{col 26}{space 2} .0966328{col 37}{space 1}   -0.55{col 46}{space 3}0.580{col 54}{space 4}-.2436803{col 67}{space 3} .1365744
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.0235373{col 26}{space 2} .0937092{col 37}{space 1}   -0.25{col 46}{space 3}0.802{col 54}{space 4}-.2079124{col 67}{space 3} .1608379
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.3432496{col 26}{space 2} .1262149{col 37}{space 1}   -2.72{col 46}{space 3}0.007{col 54}{space 4}-.5915804{col 67}{space 3}-.0949189
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.1035545{col 26}{space 2} .0889174{col 37}{space 1}   -1.16{col 46}{space 3}0.245{col 54}{space 4}-.2785015{col 67}{space 3} .0713925
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.0953738{col 26}{space 2}  .105014{col 37}{space 1}   -0.91{col 46}{space 3}0.364{col 54}{space 4}-.3019912{col 67}{space 3} .1112436
{txt}_Iprovinc~41 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~42 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.0678424{col 26}{space 2} .0866164{col 37}{space 1}   -0.78{col 46}{space 3}0.434{col 54}{space 4}-.2382621{col 67}{space 3} .1025774
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.0399429{col 26}{space 2}  .258133{col 37}{space 1}   -0.15{col 46}{space 3}0.877{col 54}{space 4}-.5478258{col 67}{space 3} .4679399
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .2496903{col 26}{space 2} .4662283{col 37}{space 1}    0.54{col 46}{space 3}0.593{col 54}{space 4}-.6676248{col 67}{space 3} 1.167005
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1072819{col 26}{space 2} .0786943{col 37}{space 1}   -1.36{col 46}{space 3}0.174{col 54}{space 4}-.2621148{col 67}{space 3} .0475509
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.5282793{col 26}{space 2} .1133757{col 37}{space 1}   -4.66{col 46}{space 3}0.000{col 54}{space 4}-.7513486{col 67}{space 3}  -.30521
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2} -.233651{col 26}{space 2} .1730997{col 37}{space 1}   -1.35{col 46}{space 3}0.178{col 54}{space 4}-.5742288{col 67}{space 3} .1069267
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7245934{col 26}{space 2} .0475105{col 37}{space 1}  -15.25{col 46}{space 3}0.000{col 54}{space 4}-.8180715{col 67}{space 3}-.6311153
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7646028{col 26}{space 2} .0452048{col 37}{space 1}  -16.91{col 46}{space 3}0.000{col 54}{space 4}-.8535444{col 67}{space 3}-.6756612
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6817018{col 26}{space 2} .0438502{col 37}{space 1}  -15.55{col 46}{space 3}0.000{col 54}{space 4}-.7679781{col 67}{space 3}-.5954254
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8187472{col 26}{space 2} .0463933{col 37}{space 1}  -17.65{col 46}{space 3}0.000{col 54}{space 4} -.910027{col 67}{space 3}-.7274673
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7426891{col 26}{space 2} .0540751{col 37}{space 1}  -13.73{col 46}{space 3}0.000{col 54}{space 4}-.8490831{col 67}{space 3}-.6362951
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6182328{col 26}{space 2}  .056964{col 37}{space 1}  -10.85{col 46}{space 3}0.000{col 54}{space 4}-.7303108{col 67}{space 3}-.5061548
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8305561{col 26}{space 2} .0562815{col 37}{space 1}  -14.76{col 46}{space 3}0.000{col 54}{space 4}-.9412913{col 67}{space 3}-.7198209
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.045387{col 26}{space 2} 1.175403{col 37}{space 1}    3.44{col 46}{space 3}0.001{col 54}{space 4} 1.732755{col 67}{space 3}  6.35802
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (316 categories)

{com}. est store roa03
{txt}
{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==3, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__41 omitted because of collinearity
{txt}note: _Iprovince__42 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1700
{col 56}{help j_robustsingular:F( 41, 315)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3970
{txt}{col 56}Adj R-squared ={res}  0.2354
{txt}{col 56}Root MSE      = {res}  .4698

{txt}{ralign 78:(Std. Err. adjusted for {res:316} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0362225{col 26}{space 2}  .050937{col 37}{space 1}   -0.71{col 46}{space 3}0.478{col 54}{space 4}-.1364422{col 67}{space 3} .0639971
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0188221{col 26}{space 2} .0394135{col 37}{space 1}   -0.48{col 46}{space 3}0.633{col 54}{space 4}-.0963692{col 67}{space 3}  .058725
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} .0000313{col 26}{space 2} .0000694{col 37}{space 1}    0.45{col 46}{space 3}0.652{col 54}{space 4}-.0001052{col 67}{space 3} .0001678
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0007449{col 26}{space 2} .0014005{col 37}{space 1}    0.53{col 46}{space 3}0.595{col 54}{space 4}-.0020106{col 67}{space 3} .0035003
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.8470916{col 26}{space 2} .2834118{col 37}{space 1}   -2.99{col 46}{space 3}0.003{col 54}{space 4}-1.404711{col 67}{space 3}-.2894723
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0970794{col 26}{space 2} .0191979{col 37}{space 1}   -5.06{col 46}{space 3}0.000{col 54}{space 4}-.1348517{col 67}{space 3} -.059307
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .1330247{col 26}{space 2} .3505927{col 37}{space 1}    0.38{col 46}{space 3}0.705{col 54}{space 4}-.5567748{col 67}{space 3} .8228241
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0477285{col 26}{space 2} .2367873{col 37}{space 1}    0.20{col 46}{space 3}0.840{col 54}{space 4}-.4181561{col 67}{space 3} .5136131
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0397352{col 26}{space 2} .0139571{col 37}{space 1}    2.85{col 46}{space 3}0.005{col 54}{space 4} .0122744{col 67}{space 3} .0671961
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0054198{col 26}{space 2} .0011495{col 37}{space 1}    4.71{col 46}{space 3}0.000{col 54}{space 4} .0031581{col 67}{space 3} .0076814
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3600775{col 26}{space 2} .2711547{col 37}{space 1}    1.33{col 46}{space 3}0.185{col 54}{space 4}-.1734257{col 67}{space 3} .8935807
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-1.54e-07{col 26}{space 2} 5.83e-07{col 37}{space 1}   -0.26{col 46}{space 3}0.792{col 54}{space 4}-1.30e-06{col 67}{space 3} 9.93e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-6.51e-07{col 26}{space 2} 5.26e-07{col 37}{space 1}   -1.24{col 46}{space 3}0.216{col 54}{space 4}-1.69e-06{col 67}{space 3} 3.84e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0130435{col 26}{space 2} .0417236{col 37}{space 1}   -0.31{col 46}{space 3}0.755{col 54}{space 4}-.0951358{col 67}{space 3} .0690487
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1449271{col 26}{space 2} .2017447{col 37}{space 1}    0.72{col 46}{space 3}0.473{col 54}{space 4}-.2520103{col 67}{space 3} .5418646
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .4847589{col 26}{space 2} .1129885{col 37}{space 1}    4.29{col 46}{space 3}0.000{col 54}{space 4} .2624513{col 67}{space 3} .7070664
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .3213961{col 26}{space 2}  .100724{col 37}{space 1}    3.19{col 46}{space 3}0.002{col 54}{space 4} .1232194{col 67}{space 3} .5195729
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.1696167{col 26}{space 2}  .378635{col 37}{space 1}   -0.45{col 46}{space 3}0.654{col 54}{space 4}-.9145899{col 67}{space 3} .5753565
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .3505457{col 26}{space 2} .1180856{col 37}{space 1}    2.97{col 46}{space 3}0.003{col 54}{space 4} .1182095{col 67}{space 3} .5828818
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .2830308{col 26}{space 2} .0977014{col 37}{space 1}    2.90{col 46}{space 3}0.004{col 54}{space 4}  .090801{col 67}{space 3} .4752607
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .4447064{col 26}{space 2}  .107945{col 37}{space 1}    4.12{col 46}{space 3}0.000{col 54}{space 4}  .232322{col 67}{space 3} .6570908
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .2955366{col 26}{space 2} .0741501{col 37}{space 1}    3.99{col 46}{space 3}0.000{col 54}{space 4} .1496445{col 67}{space 3} .4414286
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.3062313{col 26}{space 2} .1526239{col 37}{space 1}   -2.01{col 46}{space 3}0.046{col 54}{space 4}-.6065224{col 67}{space 3}-.0059402
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.2698131{col 26}{space 2} .3791369{col 37}{space 1}   -0.71{col 46}{space 3}0.477{col 54}{space 4}-1.015774{col 67}{space 3} .4761477
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0939515{col 26}{space 2} .1684708{col 37}{space 1}   -0.56{col 46}{space 3}0.577{col 54}{space 4}-.4254218{col 67}{space 3} .2375187
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.1285778{col 26}{space 2} .1171745{col 37}{space 1}   -1.10{col 46}{space 3}0.273{col 54}{space 4}-.3591214{col 67}{space 3} .1019658
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0537752{col 26}{space 2} .1262552{col 37}{space 1}   -0.43{col 46}{space 3}0.670{col 54}{space 4}-.3021853{col 67}{space 3} .1946348
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}  .024523{col 26}{space 2} .1127664{col 37}{space 1}    0.22{col 46}{space 3}0.828{col 54}{space 4}-.1973476{col 67}{space 3} .2463937
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.3342971{col 26}{space 2} .1812801{col 37}{space 1}   -1.84{col 46}{space 3}0.066{col 54}{space 4}-.6909699{col 67}{space 3} .0223758
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.1150492{col 26}{space 2} .1059928{col 37}{space 1}   -1.09{col 46}{space 3}0.279{col 54}{space 4}-.3235926{col 67}{space 3} .0934941
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} -.090777{col 26}{space 2} .1332206{col 37}{space 1}   -0.68{col 46}{space 3}0.496{col 54}{space 4}-.3528916{col 67}{space 3} .1713376
{txt}_Iprovinc~41 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~42 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.0828111{col 26}{space 2} .1043799{col 37}{space 1}   -0.79{col 46}{space 3}0.428{col 54}{space 4}-.2881809{col 67}{space 3} .1225588
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.0561174{col 26}{space 2} .2547636{col 37}{space 1}   -0.22{col 46}{space 3}0.826{col 54}{space 4}-.5573708{col 67}{space 3} .4451361
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.0049901{col 26}{space 2} .6681445{col 37}{space 1}   -0.01{col 46}{space 3}0.994{col 54}{space 4} -1.31958{col 67}{space 3}   1.3096
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1215512{col 26}{space 2} .1027505{col 37}{space 1}   -1.18{col 46}{space 3}0.238{col 54}{space 4}-.3237152{col 67}{space 3} .0806129
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.5121834{col 26}{space 2} .1345281{col 37}{space 1}   -3.81{col 46}{space 3}0.000{col 54}{space 4}-.7768706{col 67}{space 3}-.2474962
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.9424716{col 26}{space 2} .2369612{col 37}{space 1}   -3.98{col 46}{space 3}0.000{col 54}{space 4}-1.408698{col 67}{space 3}-.4762448
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6697361{col 26}{space 2} .0609401{col 37}{space 1}  -10.99{col 46}{space 3}0.000{col 54}{space 4}-.7896372{col 67}{space 3}-.5498351
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.8435561{col 26}{space 2} .0602344{col 37}{space 1}  -14.00{col 46}{space 3}0.000{col 54}{space 4}-.9620687{col 67}{space 3}-.7250436
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6931159{col 26}{space 2} .0561944{col 37}{space 1}  -12.33{col 46}{space 3}0.000{col 54}{space 4}-.8036797{col 67}{space 3}-.5825522
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8377998{col 26}{space 2} .0580409{col 37}{space 1}  -14.43{col 46}{space 3}0.000{col 54}{space 4}-.9519967{col 67}{space 3}-.7236029
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7828236{col 26}{space 2} .0695573{col 37}{space 1}  -11.25{col 46}{space 3}0.000{col 54}{space 4}-.9196792{col 67}{space 3} -.645968
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2} -.626928{col 26}{space 2} .0682503{col 37}{space 1}   -9.19{col 46}{space 3}0.000{col 54}{space 4} -.761212{col 67}{space 3}-.4926439
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8585773{col 26}{space 2} .0747124{col 37}{space 1}  -11.49{col 46}{space 3}0.000{col 54}{space 4}-1.005576{col 67}{space 3}-.7115789
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.428009{col 26}{space 2} 1.443915{col 37}{space 1}    3.76{col 46}{space 3}0.000{col 54}{space 4} 2.587073{col 67}{space 3} 8.268945
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (316 categories)

{com}. est store roe03
{txt}
{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==4, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_20 omitted because of collinearity
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__45 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1693
{col 56}{help j_robustsingular:F( 39, 327)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4588
{txt}{col 56}Adj R-squared ={res}  0.3068
{txt}{col 56}Root MSE      = {res} .37844

{txt}{ralign 78:(Std. Err. adjusted for {res:328} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0323054{col 26}{space 2}  .043312{col 37}{space 1}    0.75{col 46}{space 3}0.456{col 54}{space 4}   -.0529{col 67}{space 3} .1175108
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0749542{col 26}{space 2} .0363596{col 37}{space 1}   -2.06{col 46}{space 3}0.040{col 54}{space 4}-.1464823{col 67}{space 3} -.003426
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-1.16e-06{col 26}{space 2}  .000032{col 37}{space 1}   -0.04{col 46}{space 3}0.971{col 54}{space 4}-.0000642{col 67}{space 3} .0000619
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0007927{col 26}{space 2} .0012744{col 37}{space 1}    0.62{col 46}{space 3}0.534{col 54}{space 4}-.0017143{col 67}{space 3} .0032997
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.8675678{col 26}{space 2} .3483442{col 37}{space 1}   -2.49{col 46}{space 3}0.013{col 54}{space 4}-1.552846{col 67}{space 3}-.1822893
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1168211{col 26}{space 2} .0190382{col 37}{space 1}   -6.14{col 46}{space 3}0.000{col 54}{space 4} -.154274{col 67}{space 3}-.0793683
{txt}{space 7}effic {c |}{col 14}{res}{space 2} -.328962{col 26}{space 2} .2736738{col 37}{space 1}   -1.20{col 46}{space 3}0.230{col 54}{space 4}-.8673454{col 67}{space 3} .2094213
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .1456667{col 26}{space 2}  .247704{col 37}{space 1}    0.59{col 46}{space 3}0.557{col 54}{space 4}-.3416278{col 67}{space 3} .6329613
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0391605{col 26}{space 2} .0160951{col 37}{space 1}    2.43{col 46}{space 3}0.016{col 54}{space 4} .0074974{col 67}{space 3} .0708235
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0056766{col 26}{space 2} .0011309{col 37}{space 1}    5.02{col 46}{space 3}0.000{col 54}{space 4} .0034519{col 67}{space 3} .0079013
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .0102808{col 26}{space 2} .2562107{col 37}{space 1}    0.04{col 46}{space 3}0.968{col 54}{space 4}-.4937484{col 67}{space 3} .5143101
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 3.76e-07{col 26}{space 2} 3.32e-07{col 37}{space 1}    1.13{col 46}{space 3}0.258{col 54}{space 4}-2.76e-07{col 67}{space 3} 1.03e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 1.41e-07{col 26}{space 2} 4.48e-07{col 37}{space 1}    0.32{col 46}{space 3}0.753{col 54}{space 4}-7.39e-07{col 67}{space 3} 1.02e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0153725{col 26}{space 2} .0483433{col 37}{space 1}   -0.32{col 46}{space 3}0.751{col 54}{space 4}-.1104756{col 67}{space 3} .0797306
{txt}_Irelatio~20 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.3516031{col 26}{space 2} .2827132{col 37}{space 1}   -1.24{col 46}{space 3}0.215{col 54}{space 4}-.9077694{col 67}{space 3} .2045631
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.3267898{col 26}{space 2} .2720248{col 37}{space 1}   -1.20{col 46}{space 3}0.230{col 54}{space 4}-.8619292{col 67}{space 3} .2083496
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.3629875{col 26}{space 2} .3064383{col 37}{space 1}   -1.18{col 46}{space 3}0.237{col 54}{space 4}-.9658267{col 67}{space 3} .2398517
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.5018612{col 26}{space 2} .2993329{col 37}{space 1}   -1.68{col 46}{space 3}0.095{col 54}{space 4}-1.090722{col 67}{space 3}     .087
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.4083138{col 26}{space 2} .3421461{col 37}{space 1}   -1.19{col 46}{space 3}0.234{col 54}{space 4}-1.081399{col 67}{space 3} .2647715
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} -.220808{col 26}{space 2} .2849257{col 37}{space 1}   -0.77{col 46}{space 3}0.439{col 54}{space 4}-.7813267{col 67}{space 3} .3397107
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.4139874{col 26}{space 2} .2788174{col 37}{space 1}   -1.48{col 46}{space 3}0.139{col 54}{space 4}-.9624896{col 67}{space 3} .1345148
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0548273{col 26}{space 2} .1689066{col 37}{space 1}   -0.32{col 46}{space 3}0.746{col 54}{space 4}-.3871081{col 67}{space 3} .2774534
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .0017704{col 26}{space 2} .1936929{col 37}{space 1}    0.01{col 46}{space 3}0.993{col 54}{space 4}-.3792711{col 67}{space 3} .3828118
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0723082{col 26}{space 2} .1943831{col 37}{space 1}   -0.37{col 46}{space 3}0.710{col 54}{space 4}-.4547073{col 67}{space 3}  .310091
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0238821{col 26}{space 2} .1674327{col 37}{space 1}    0.14{col 46}{space 3}0.887{col 54}{space 4} -.305499{col 67}{space 3} .3532632
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0119856{col 26}{space 2} .1584327{col 37}{space 1}   -0.08{col 46}{space 3}0.940{col 54}{space 4}-.3236616{col 67}{space 3} .2996903
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .1053048{col 26}{space 2} .1790763{col 37}{space 1}    0.59{col 46}{space 3}0.557{col 54}{space 4}-.2469821{col 67}{space 3} .4575918
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.5212848{col 26}{space 2} .2420729{col 37}{space 1}   -2.15{col 46}{space 3}0.032{col 54}{space 4}-.9975016{col 67}{space 3} -.045068
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0310249{col 26}{space 2} .1729215{col 37}{space 1}   -0.18{col 46}{space 3}0.858{col 54}{space 4}-.3712039{col 67}{space 3} .3091541
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} -.104562{col 26}{space 2} .1699925{col 37}{space 1}   -0.62{col 46}{space 3}0.539{col 54}{space 4}-.4389789{col 67}{space 3} .2298548
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.6070226{col 26}{space 2} .1784243{col 37}{space 1}   -3.40{col 46}{space 3}0.001{col 54}{space 4} -.958027{col 67}{space 3}-.2560183
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .8974188{col 26}{space 2} .1855245{col 37}{space 1}    4.84{col 46}{space 3}0.000{col 54}{space 4} .5324465{col 67}{space 3} 1.262391
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0499975{col 26}{space 2} .1664168{col 37}{space 1}    0.30{col 46}{space 3}0.764{col 54}{space 4}-.2773852{col 67}{space 3} .3773801
{txt}_Iprovinc~45 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .0682892{col 26}{space 2} .1845575{col 37}{space 1}    0.37{col 46}{space 3}0.712{col 54}{space 4}-.2947807{col 67}{space 3}  .431359
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .9213135{col 26}{space 2} .1664668{col 37}{space 1}    5.53{col 46}{space 3}0.000{col 54}{space 4} .5938326{col 67}{space 3} 1.248794
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.0004508{col 26}{space 2}  .249554{col 37}{space 1}   -0.00{col 46}{space 3}0.999{col 54}{space 4}-.4913847{col 67}{space 3} .4904831
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} .1095513{col 26}{space 2} .1688069{col 37}{space 1}    0.65{col 46}{space 3}0.517{col 54}{space 4}-.2225331{col 67}{space 3} .4416358
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7012709{col 26}{space 2} .0532731{col 37}{space 1}  -13.16{col 46}{space 3}0.000{col 54}{space 4}-.8060721{col 67}{space 3}-.5964696
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.8031381{col 26}{space 2} .0553013{col 37}{space 1}  -14.52{col 46}{space 3}0.000{col 54}{space 4}-.9119294{col 67}{space 3}-.6943469
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6305258{col 26}{space 2} .0581166{col 37}{space 1}  -10.85{col 46}{space 3}0.000{col 54}{space 4}-.7448554{col 67}{space 3}-.5161962
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7795545{col 26}{space 2} .0482307{col 37}{space 1}  -16.16{col 46}{space 3}0.000{col 54}{space 4}-.8744361{col 67}{space 3}-.6846729
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7806149{col 26}{space 2} .0576014{col 37}{space 1}  -13.55{col 46}{space 3}0.000{col 54}{space 4}-.8939309{col 67}{space 3}-.6672988
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7495317{col 26}{space 2} .0613207{col 37}{space 1}  -12.22{col 46}{space 3}0.000{col 54}{space 4}-.8701644{col 67}{space 3}-.6288989
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} -.891095{col 26}{space 2} .0578965{col 37}{space 1}  -15.39{col 46}{space 3}0.000{col 54}{space 4}-1.004992{col 67}{space 3}-.7771984
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 6.565354{col 26}{space 2} 1.864028{col 37}{space 1}    3.52{col 46}{space 3}0.000{col 54}{space 4} 2.898353{col 67}{space 3} 10.23235
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (328 categories)

{com}. est store nm04
{txt}
{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==4, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_20 omitted because of collinearity
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__45 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1693
{col 56}{help j_robustsingular:F( 39, 327)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4740
{txt}{col 56}Adj R-squared ={res}  0.3263
{txt}{col 56}Root MSE      = {res} .35081

{txt}{ralign 78:(Std. Err. adjusted for {res:328} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0340764{col 26}{space 2} .0409685{col 37}{space 1}    0.83{col 46}{space 3}0.406{col 54}{space 4}-.0465186{col 67}{space 3} .1146714
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0630929{col 26}{space 2} .0361434{col 37}{space 1}   -1.75{col 46}{space 3}0.082{col 54}{space 4}-.1341958{col 67}{space 3}   .00801
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 4.89e-06{col 26}{space 2} .0000293{col 37}{space 1}    0.17{col 46}{space 3}0.868{col 54}{space 4}-.0000527{col 67}{space 3} .0000625
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0011083{col 26}{space 2} .0011722{col 37}{space 1}    0.95{col 46}{space 3}0.345{col 54}{space 4}-.0011978{col 67}{space 3} .0034144
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.8894329{col 26}{space 2} .3252283{col 37}{space 1}   -2.73{col 46}{space 3}0.007{col 54}{space 4}-1.529237{col 67}{space 3}-.2496292
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1138079{col 26}{space 2} .0168806{col 37}{space 1}   -6.74{col 46}{space 3}0.000{col 54}{space 4}-.1470162{col 67}{space 3}-.0805995
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.3077511{col 26}{space 2} .2373022{col 37}{space 1}   -1.30{col 46}{space 3}0.196{col 54}{space 4}-.7745827{col 67}{space 3} .1590805
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .1585069{col 26}{space 2} .2322695{col 37}{space 1}    0.68{col 46}{space 3}0.495{col 54}{space 4}-.2984242{col 67}{space 3} .6154379
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0392499{col 26}{space 2} .0149753{col 37}{space 1}    2.62{col 46}{space 3}0.009{col 54}{space 4} .0097897{col 67}{space 3} .0687101
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0055589{col 26}{space 2} .0010676{col 37}{space 1}    5.21{col 46}{space 3}0.000{col 54}{space 4} .0034586{col 67}{space 3} .0076592
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.0244096{col 26}{space 2} .2401938{col 37}{space 1}   -0.10{col 46}{space 3}0.919{col 54}{space 4}-.4969297{col 67}{space 3} .4481106
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 4.10e-07{col 26}{space 2} 2.95e-07{col 37}{space 1}    1.39{col 46}{space 3}0.166{col 54}{space 4}-1.70e-07{col 67}{space 3} 9.90e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2} 3.84e-07{col 26}{space 2} 3.87e-07{col 37}{space 1}    0.99{col 46}{space 3}0.322{col 54}{space 4}-3.77e-07{col 67}{space 3} 1.15e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0190832{col 26}{space 2} .0398341{col 37}{space 1}   -0.48{col 46}{space 3}0.632{col 54}{space 4}-.0974466{col 67}{space 3} .0592801
{txt}_Irelatio~20 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.3679755{col 26}{space 2} .2621114{col 37}{space 1}   -1.40{col 46}{space 3}0.161{col 54}{space 4}-.8836128{col 67}{space 3} .1476618
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}  -.39254{col 26}{space 2} .2527378{col 37}{space 1}   -1.55{col 46}{space 3}0.121{col 54}{space 4}-.8897372{col 67}{space 3} .1046572
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.4635379{col 26}{space 2} .2757526{col 37}{space 1}   -1.68{col 46}{space 3}0.094{col 54}{space 4}-1.006011{col 67}{space 3} .0789349
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.5403396{col 26}{space 2} .2793411{col 37}{space 1}   -1.93{col 46}{space 3}0.054{col 54}{space 4}-1.089872{col 67}{space 3} .0091929
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} -.468053{col 26}{space 2} .3137151{col 37}{space 1}   -1.49{col 46}{space 3}0.137{col 54}{space 4}-1.085208{col 67}{space 3} .1491016
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.2784785{col 26}{space 2}  .264921{col 37}{space 1}   -1.05{col 46}{space 3}0.294{col 54}{space 4} -.799643{col 67}{space 3} .2426859
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.4471385{col 26}{space 2} .2581701{col 37}{space 1}   -1.73{col 46}{space 3}0.084{col 54}{space 4}-.9550223{col 67}{space 3} .0607453
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0549542{col 26}{space 2} .1592673{col 37}{space 1}   -0.35{col 46}{space 3}0.730{col 54}{space 4}-.3682721{col 67}{space 3} .2583637
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .0116762{col 26}{space 2} .1765453{col 37}{space 1}    0.07{col 46}{space 3}0.947{col 54}{space 4}-.3356317{col 67}{space 3} .3589841
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0160234{col 26}{space 2} .1831209{col 37}{space 1}   -0.09{col 46}{space 3}0.930{col 54}{space 4} -.376267{col 67}{space 3} .3442202
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0004014{col 26}{space 2} .1538172{col 37}{space 1}    0.00{col 46}{space 3}0.998{col 54}{space 4}-.3021948{col 67}{space 3} .3029976
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0172285{col 26}{space 2} .1473186{col 37}{space 1}   -0.12{col 46}{space 3}0.907{col 54}{space 4}-.3070404{col 67}{space 3} .2725833
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0949585{col 26}{space 2} .1637974{col 37}{space 1}    0.58{col 46}{space 3}0.562{col 54}{space 4}-.2272712{col 67}{space 3} .4171881
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}  -.58639{col 26}{space 2} .2328189{col 37}{space 1}   -2.52{col 46}{space 3}0.012{col 54}{space 4}-1.044402{col 67}{space 3}-.1283782
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0412044{col 26}{space 2} .1563042{col 37}{space 1}   -0.26{col 46}{space 3}0.792{col 54}{space 4} -.348693{col 67}{space 3} .2662843
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.1063611{col 26}{space 2} .1577439{col 37}{space 1}   -0.67{col 46}{space 3}0.501{col 54}{space 4}-.4166819{col 67}{space 3} .2039597
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.4898042{col 26}{space 2} .1684053{col 37}{space 1}   -2.91{col 46}{space 3}0.004{col 54}{space 4}-.8210987{col 67}{space 3}-.1585097
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .8702844{col 26}{space 2} .1703363{col 37}{space 1}    5.11{col 46}{space 3}0.000{col 54}{space 4} .5351911{col 67}{space 3} 1.205378
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}  .043441{col 26}{space 2} .1530121{col 37}{space 1}    0.28{col 46}{space 3}0.777{col 54}{space 4}-.2575712{col 67}{space 3} .3444532
{txt}_Iprovinc~45 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .1065293{col 26}{space 2} .1700901{col 37}{space 1}    0.63{col 46}{space 3}0.532{col 54}{space 4}-.2280796{col 67}{space 3} .4411383
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .8601453{col 26}{space 2} .1572317{col 37}{space 1}    5.47{col 46}{space 3}0.000{col 54}{space 4} .5508321{col 67}{space 3} 1.169459
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .0781043{col 26}{space 2} .3362062{col 37}{space 1}    0.23{col 46}{space 3}0.816{col 54}{space 4}-.5832958{col 67}{space 3} .7395044
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} .1433133{col 26}{space 2} .1577455{col 37}{space 1}    0.91{col 46}{space 3}0.364{col 54}{space 4}-.1670106{col 67}{space 3} .4536373
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7242079{col 26}{space 2} .0493587{col 37}{space 1}  -14.67{col 46}{space 3}0.000{col 54}{space 4}-.8213085{col 67}{space 3}-.6271074
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7786832{col 26}{space 2} .0472592{col 37}{space 1}  -16.48{col 46}{space 3}0.000{col 54}{space 4}-.8716536{col 67}{space 3}-.6857127
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6391177{col 26}{space 2} .0543011{col 37}{space 1}  -11.77{col 46}{space 3}0.000{col 54}{space 4}-.7459413{col 67}{space 3}-.5322941
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7743314{col 26}{space 2} .0430666{col 37}{space 1}  -17.98{col 46}{space 3}0.000{col 54}{space 4}-.8590539{col 67}{space 3}-.6896089
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7715215{col 26}{space 2} .0523687{col 37}{space 1}  -14.73{col 46}{space 3}0.000{col 54}{space 4}-.8745436{col 67}{space 3}-.6684995
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7427646{col 26}{space 2} .0553234{col 37}{space 1}  -13.43{col 46}{space 3}0.000{col 54}{space 4}-.8515993{col 67}{space 3}-.6339298
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8735868{col 26}{space 2} .0532392{col 37}{space 1}  -16.41{col 46}{space 3}0.000{col 54}{space 4}-.9783213{col 67}{space 3}-.7688523
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 6.790479{col 26}{space 2} 1.755924{col 37}{space 1}    3.87{col 46}{space 3}0.000{col 54}{space 4} 3.336146{col 67}{space 3} 10.24481
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (328 categories)

{com}. est store roa04
{txt}
{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==4, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_20 omitted because of collinearity
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__45 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1693
{col 56}{help j_robustsingular:F( 39, 327)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4045
{txt}{col 56}Adj R-squared ={res}  0.2372
{txt}{col 56}Root MSE      = {res} .45835

{txt}{ralign 78:(Std. Err. adjusted for {res:328} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0792958{col 26}{space 2}   .04965{col 37}{space 1}    1.60{col 46}{space 3}0.111{col 54}{space 4}-.0183779{col 67}{space 3} .1769695
{txt}{space 9}ece {c |}{col 14}{res}{space 2} -.065796{col 26}{space 2} .0423249{col 37}{space 1}   -1.55{col 46}{space 3}0.121{col 54}{space 4}-.1490595{col 67}{space 3} .0174676
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}  .000014{col 26}{space 2} .0000372{col 37}{space 1}    0.38{col 46}{space 3}0.708{col 54}{space 4}-.0000592{col 67}{space 3} .0000871
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0003695{col 26}{space 2} .0014984{col 37}{space 1}    0.25{col 46}{space 3}0.805{col 54}{space 4}-.0025781{col 67}{space 3} .0033171
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.7461366{col 26}{space 2} .3809658{col 37}{space 1}   -1.96{col 46}{space 3}0.051{col 54}{space 4} -1.49559{col 67}{space 3} .0033166
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1313038{col 26}{space 2} .0200572{col 37}{space 1}   -6.55{col 46}{space 3}0.000{col 54}{space 4}-.1707613{col 67}{space 3}-.0918464
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.5812518{col 26}{space 2} .2756271{col 37}{space 1}   -2.11{col 46}{space 3}0.036{col 54}{space 4}-1.123478{col 67}{space 3}-.0390258
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0241117{col 26}{space 2} .2937591{col 37}{space 1}    0.08{col 46}{space 3}0.935{col 54}{space 4}-.5537845{col 67}{space 3} .6020079
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0337686{col 26}{space 2} .0177129{col 37}{space 1}    1.91{col 46}{space 3}0.057{col 54}{space 4} -.001077{col 67}{space 3} .0686141
{txt}{space 7}agesq {c |}{col 14}{res}{space 2}  .006197{col 26}{space 2} .0013117{col 37}{space 1}    4.72{col 46}{space 3}0.000{col 54}{space 4} .0036165{col 67}{space 3} .0087775
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .2806003{col 26}{space 2} .3223828{col 37}{space 1}    0.87{col 46}{space 3}0.385{col 54}{space 4}-.3536056{col 67}{space 3} .9148063
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 7.19e-07{col 26}{space 2} 3.40e-07{col 37}{space 1}    2.11{col 46}{space 3}0.035{col 54}{space 4} 4.93e-08{col 67}{space 3} 1.39e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 3.34e-07{col 26}{space 2} 5.60e-07{col 37}{space 1}    0.60{col 46}{space 3}0.552{col 54}{space 4}-7.69e-07{col 67}{space 3} 1.44e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0099546{col 26}{space 2} .0507556{col 37}{space 1}   -0.20{col 46}{space 3}0.845{col 54}{space 4}-.1098033{col 67}{space 3} .0898942
{txt}_Irelatio~20 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.5543307{col 26}{space 2} .1067347{col 37}{space 1}   -5.19{col 46}{space 3}0.000{col 54}{space 4}-.7643041{col 67}{space 3}-.3443573
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.5285766{col 26}{space 2} .0921614{col 37}{space 1}   -5.74{col 46}{space 3}0.000{col 54}{space 4}-.7098806{col 67}{space 3}-.3472726
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.5321361{col 26}{space 2} .1551957{col 37}{space 1}   -3.43{col 46}{space 3}0.001{col 54}{space 4} -.837444{col 67}{space 3}-.2268282
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.7331143{col 26}{space 2} .1214357{col 37}{space 1}   -6.04{col 46}{space 3}0.000{col 54}{space 4}-.9720082{col 67}{space 3}-.4942204
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.6347037{col 26}{space 2} .1531126{col 37}{space 1}   -4.15{col 46}{space 3}0.000{col 54}{space 4}-.9359137{col 67}{space 3}-.3334938
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.4664313{col 26}{space 2} .1341671{col 37}{space 1}   -3.48{col 46}{space 3}0.001{col 54}{space 4}-.7303709{col 67}{space 3}-.2024916
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.6255794{col 26}{space 2} .0869004{col 37}{space 1}   -7.20{col 46}{space 3}0.000{col 54}{space 4}-.7965337{col 67}{space 3}-.4546251
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0321287{col 26}{space 2} .1775972{col 37}{space 1}    0.18{col 46}{space 3}0.857{col 54}{space 4}-.3172486{col 67}{space 3}  .381506
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .1069743{col 26}{space 2} .2342728{col 37}{space 1}    0.46{col 46}{space 3}0.648{col 54}{space 4}-.3538977{col 67}{space 3} .5678462
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .1067699{col 26}{space 2} .2103149{col 37}{space 1}    0.51{col 46}{space 3}0.612{col 54}{space 4} -.306971{col 67}{space 3} .5205108
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0817509{col 26}{space 2} .1777357{col 37}{space 1}    0.46{col 46}{space 3}0.646{col 54}{space 4}-.2678987{col 67}{space 3} .4314005
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0281988{col 26}{space 2} .1658887{col 37}{space 1}    0.17{col 46}{space 3}0.865{col 54}{space 4}-.2981449{col 67}{space 3} .3545425
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .2631919{col 26}{space 2} .1914806{col 37}{space 1}    1.37{col 46}{space 3}0.170{col 54}{space 4}-.1134975{col 67}{space 3} .6398812
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.5583746{col 26}{space 2} .2567414{col 37}{space 1}   -2.17{col 46}{space 3}0.030{col 54}{space 4}-1.063448{col 67}{space 3}-.0533013
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0343203{col 26}{space 2}  .179546{col 37}{space 1}    0.19{col 46}{space 3}0.849{col 54}{space 4}-.3188908{col 67}{space 3} .3875313
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.0366043{col 26}{space 2} .1806797{col 37}{space 1}   -0.20{col 46}{space 3}0.840{col 54}{space 4}-.3920455{col 67}{space 3} .3188369
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.7714741{col 26}{space 2} .1932527{col 37}{space 1}   -3.99{col 46}{space 3}0.000{col 54}{space 4}-1.151649{col 67}{space 3}-.3912987
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}  .959576{col 26}{space 2} .1970262{col 37}{space 1}    4.87{col 46}{space 3}0.000{col 54}{space 4} .5719771{col 67}{space 3} 1.347175
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}  .130645{col 26}{space 2} .1769188{col 37}{space 1}    0.74{col 46}{space 3}0.461{col 54}{space 4}-.2173977{col 67}{space 3} .4786876
{txt}_Iprovinc~45 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .2935995{col 26}{space 2} .2043574{col 37}{space 1}    1.44{col 46}{space 3}0.152{col 54}{space 4}-.1084215{col 67}{space 3} .6956206
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .9364424{col 26}{space 2} .1751587{col 37}{space 1}    5.35{col 46}{space 3}0.000{col 54}{space 4} .5918623{col 67}{space 3} 1.281022
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .0133582{col 26}{space 2} .2970215{col 37}{space 1}    0.04{col 46}{space 3}0.964{col 54}{space 4}-.5709558{col 67}{space 3} .5976723
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} .3071248{col 26}{space 2} .1830576{col 37}{space 1}    1.68{col 46}{space 3}0.094{col 54}{space 4}-.0529944{col 67}{space 3} .6672441
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6643942{col 26}{space 2} .0632752{col 37}{space 1}  -10.50{col 46}{space 3}0.000{col 54}{space 4} -.788872{col 67}{space 3}-.5399164
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.8124886{col 26}{space 2} .0689912{col 37}{space 1}  -11.78{col 46}{space 3}0.000{col 54}{space 4}-.9482113{col 67}{space 3}-.6767659
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5921763{col 26}{space 2}   .06764{col 37}{space 1}   -8.75{col 46}{space 3}0.000{col 54}{space 4}-.7252409{col 67}{space 3}-.4591118
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7386394{col 26}{space 2}  .060604{col 37}{space 1}  -12.19{col 46}{space 3}0.000{col 54}{space 4}-.8578623{col 67}{space 3}-.6194165
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7600107{col 26}{space 2} .0608416{col 37}{space 1}  -12.49{col 46}{space 3}0.000{col 54}{space 4} -.879701{col 67}{space 3}-.6403204
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7268183{col 26}{space 2}  .066579{col 37}{space 1}  -10.92{col 46}{space 3}0.000{col 54}{space 4}-.8577954{col 67}{space 3}-.5958412
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8617464{col 26}{space 2} .0688559{col 37}{space 1}  -12.52{col 46}{space 3}0.000{col 54}{space 4}-.9972028{col 67}{space 3}  -.72629
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 6.064846{col 26}{space 2} 2.022146{col 37}{space 1}    3.00{col 46}{space 3}0.003{col 54}{space 4}  2.08679{col 67}{space 3}  10.0429
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (328 categories)

{com}. est store roe04
{txt}
{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==5, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1478
{col 56}{help j_robustsingular:F( 42, 277)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4759
{txt}{col 56}Adj R-squared ={res}  0.3286
{txt}{col 56}Root MSE      = {res} .37277

{txt}{ralign 78:(Std. Err. adjusted for {res:278} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0181455{col 26}{space 2} .0517595{col 37}{space 1}   -0.35{col 46}{space 3}0.726{col 54}{space 4}-.1200374{col 67}{space 3} .0837464
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0067089{col 26}{space 2} .0395037{col 37}{space 1}   -0.17{col 46}{space 3}0.865{col 54}{space 4}-.0844745{col 67}{space 3} .0710566
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 2.73e-06{col 26}{space 2} 3.46e-06{col 37}{space 1}    0.79{col 46}{space 3}0.431{col 54}{space 4}-4.09e-06{col 67}{space 3} 9.54e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0012752{col 26}{space 2} .0014908{col 37}{space 1}    0.86{col 46}{space 3}0.393{col 54}{space 4}-.0016596{col 67}{space 3}   .00421
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-1.275089{col 26}{space 2}  .371209{col 37}{space 1}   -3.43{col 46}{space 3}0.001{col 54}{space 4}-2.005838{col 67}{space 3}-.5443401
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1289015{col 26}{space 2} .0211403{col 37}{space 1}   -6.10{col 46}{space 3}0.000{col 54}{space 4}-.1705175{col 67}{space 3}-.0872854
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.5049393{col 26}{space 2} .2924986{col 37}{space 1}   -1.73{col 46}{space 3}0.085{col 54}{space 4}-1.080742{col 67}{space 3} .0708633
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .3590396{col 26}{space 2} .3264038{col 37}{space 1}    1.10{col 46}{space 3}0.272{col 54}{space 4}-.2835075{col 67}{space 3} 1.001587
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0557114{col 26}{space 2} .0154523{col 37}{space 1}    3.61{col 46}{space 3}0.000{col 54}{space 4} .0252924{col 67}{space 3} .0861303
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0073557{col 26}{space 2}  .001264{col 37}{space 1}    5.82{col 46}{space 3}0.000{col 54}{space 4} .0048675{col 67}{space 3} .0098439
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.1323745{col 26}{space 2} .3396982{col 37}{space 1}   -0.39{col 46}{space 3}0.697{col 54}{space 4}-.8010926{col 67}{space 3} .5363436
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 5.23e-07{col 26}{space 2} 3.33e-07{col 37}{space 1}    1.57{col 46}{space 3}0.118{col 54}{space 4}-1.33e-07{col 67}{space 3} 1.18e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2}-4.53e-07{col 26}{space 2} 3.66e-07{col 37}{space 1}   -1.24{col 46}{space 3}0.217{col 54}{space 4}-1.17e-06{col 67}{space 3} 2.67e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0335838{col 26}{space 2} .0437338{col 37}{space 1}    0.77{col 46}{space 3}0.443{col 54}{space 4}-.0525089{col 67}{space 3} .1196766
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.4196091{col 26}{space 2} .0876042{col 37}{space 1}   -4.79{col 46}{space 3}0.000{col 54}{space 4}-.5920637{col 67}{space 3}-.2471545
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.2889174{col 26}{space 2} .0821127{col 37}{space 1}   -3.52{col 46}{space 3}0.001{col 54}{space 4}-.4505616{col 67}{space 3}-.1272732
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.4263559{col 26}{space 2} .0931228{col 37}{space 1}   -4.58{col 46}{space 3}0.000{col 54}{space 4}-.6096741{col 67}{space 3}-.2430376
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.5654398{col 26}{space 2} .1329903{col 37}{space 1}   -4.25{col 46}{space 3}0.000{col 54}{space 4}-.8272398{col 67}{space 3}-.3036397
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.3906042{col 26}{space 2} .0978501{col 37}{space 1}   -3.99{col 46}{space 3}0.000{col 54}{space 4}-.5832285{col 67}{space 3}  -.19798
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.3064087{col 26}{space 2} .1168364{col 37}{space 1}   -2.62{col 46}{space 3}0.009{col 54}{space 4}-.5364087{col 67}{space 3}-.0764087
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.1781999{col 26}{space 2} .0977948{col 37}{space 1}   -1.82{col 46}{space 3}0.070{col 54}{space 4}-.3707153{col 67}{space 3} .0143156
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.2939437{col 26}{space 2} .0726209{col 37}{space 1}   -4.05{col 46}{space 3}0.000{col 54}{space 4}-.4369026{col 67}{space 3}-.1509847
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .1383066{col 26}{space 2}  .195978{col 37}{space 1}    0.71{col 46}{space 3}0.481{col 54}{space 4}-.2474888{col 67}{space 3}  .524102
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .5091596{col 26}{space 2} .3793267{col 37}{space 1}    1.34{col 46}{space 3}0.181{col 54}{space 4}-.2375698{col 67}{space 3} 1.255889
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .2362773{col 26}{space 2} .1898284{col 37}{space 1}    1.24{col 46}{space 3}0.214{col 54}{space 4}-.1374123{col 67}{space 3} .6099669
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}  .201611{col 26}{space 2} .2810547{col 37}{space 1}    0.72{col 46}{space 3}0.474{col 54}{space 4}-.3516635{col 67}{space 3} .7548855
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .2504013{col 26}{space 2} .1832172{col 37}{space 1}    1.37{col 46}{space 3}0.173{col 54}{space 4}-.1102736{col 67}{space 3} .6110762
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .2346902{col 26}{space 2} .1826526{col 37}{space 1}    1.28{col 46}{space 3}0.200{col 54}{space 4}-.1248733{col 67}{space 3} .5942537
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .1648568{col 26}{space 2} .1873051{col 37}{space 1}    0.88{col 46}{space 3}0.380{col 54}{space 4}-.2038654{col 67}{space 3} .5335791
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .3837535{col 26}{space 2} .2761688{col 37}{space 1}    1.39{col 46}{space 3}0.166{col 54}{space 4}-.1599027{col 67}{space 3} .9274096
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .1696233{col 26}{space 2} .1857242{col 37}{space 1}    0.91{col 46}{space 3}0.362{col 54}{space 4}-.1959869{col 67}{space 3} .5352335
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .5262548{col 26}{space 2} .2076909{col 37}{space 1}    2.53{col 46}{space 3}0.012{col 54}{space 4} .1174017{col 67}{space 3} .9351079
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1843033{col 26}{space 2} .1918324{col 37}{space 1}    0.96{col 46}{space 3}0.338{col 54}{space 4}-.1933313{col 67}{space 3} .5619378
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0239599{col 26}{space 2} .3038225{col 37}{space 1}    0.08{col 46}{space 3}0.937{col 54}{space 4}-.5741344{col 67}{space 3} .6220543
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .4518128{col 26}{space 2} .2504318{col 37}{space 1}    1.80{col 46}{space 3}0.072{col 54}{space 4}-.0411785{col 67}{space 3} .9448041
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .2603097{col 26}{space 2} .1838391{col 37}{space 1}    1.42{col 46}{space 3}0.158{col 54}{space 4}-.1015895{col 67}{space 3} .6222089
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .3332112{col 26}{space 2} .1979258{col 37}{space 1}    1.68{col 46}{space 3}0.093{col 54}{space 4}-.0564187{col 67}{space 3}  .722841
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .4476142{col 26}{space 2} .1968177{col 37}{space 1}    2.27{col 46}{space 3}0.024{col 54}{space 4} .0601656{col 67}{space 3} .8350627
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .1139915{col 26}{space 2} .2916648{col 37}{space 1}    0.39{col 46}{space 3}0.696{col 54}{space 4}-.4601696{col 67}{space 3} .6881526
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}  .363752{col 26}{space 2} .2890755{col 37}{space 1}    1.26{col 46}{space 3}0.209{col 54}{space 4} -.205312{col 67}{space 3} .9328159
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7100441{col 26}{space 2} .0538447{col 37}{space 1}  -13.19{col 46}{space 3}0.000{col 54}{space 4}-.8160408{col 67}{space 3}-.6040473
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7294038{col 26}{space 2} .0527686{col 37}{space 1}  -13.82{col 46}{space 3}0.000{col 54}{space 4}-.8332822{col 67}{space 3}-.6255254
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7402615{col 26}{space 2} .0653727{col 37}{space 1}  -11.32{col 46}{space 3}0.000{col 54}{space 4}-.8689519{col 67}{space 3} -.611571
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8209319{col 26}{space 2} .0560136{col 37}{space 1}  -14.66{col 46}{space 3}0.000{col 54}{space 4}-.9311983{col 67}{space 3}-.7106654
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7523113{col 26}{space 2} .0561729{col 37}{space 1}  -13.39{col 46}{space 3}0.000{col 54}{space 4}-.8628913{col 67}{space 3}-.6417313
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7173962{col 26}{space 2} .0639336{col 37}{space 1}  -11.22{col 46}{space 3}0.000{col 54}{space 4}-.8432537{col 67}{space 3}-.5915387
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8870564{col 26}{space 2} .0618135{col 37}{space 1}  -14.35{col 46}{space 3}0.000{col 54}{space 4} -1.00874{col 67}{space 3}-.7653725
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 8.578051{col 26}{space 2} 2.242118{col 37}{space 1}    3.83{col 46}{space 3}0.000{col 54}{space 4} 4.164296{col 67}{space 3} 12.99181
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (278 categories)

{com}. est store nm05
{txt}
{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==5, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1478
{col 56}{help j_robustsingular:F( 42, 277)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.5062
{txt}{col 56}Adj R-squared ={res}  0.3674
{txt}{col 56}Root MSE      = {res} .33181

{txt}{ralign 78:(Std. Err. adjusted for {res:278} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0473837{col 26}{space 2} .0477449{col 37}{space 1}   -0.99{col 46}{space 3}0.322{col 54}{space 4}-.1413727{col 67}{space 3} .0466052
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0013962{col 26}{space 2} .0350305{col 37}{space 1}    0.04{col 46}{space 3}0.968{col 54}{space 4}-.0675637{col 67}{space 3}  .070356
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 3.30e-06{col 26}{space 2} 3.07e-06{col 37}{space 1}    1.07{col 46}{space 3}0.285{col 54}{space 4}-2.76e-06{col 67}{space 3} 9.35e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0005733{col 26}{space 2} .0014674{col 37}{space 1}    0.39{col 46}{space 3}0.696{col 54}{space 4}-.0023155{col 67}{space 3}  .003462
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-1.340201{col 26}{space 2} .3292612{col 37}{space 1}   -4.07{col 46}{space 3}0.000{col 54}{space 4}-1.988373{col 67}{space 3}-.6920293
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1163752{col 26}{space 2} .0184179{col 37}{space 1}   -6.32{col 46}{space 3}0.000{col 54}{space 4}-.1526321{col 67}{space 3}-.0801183
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2834525{col 26}{space 2} .2658426{col 37}{space 1}   -1.07{col 46}{space 3}0.287{col 54}{space 4}-.8067809{col 67}{space 3}  .239876
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}   .25466{col 26}{space 2} .2862502{col 37}{space 1}    0.89{col 46}{space 3}0.374{col 54}{space 4}-.3088421{col 67}{space 3}  .818162
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2}   .05794{col 26}{space 2} .0138923{col 37}{space 1}    4.17{col 46}{space 3}0.000{col 54}{space 4} .0305922{col 67}{space 3} .0852879
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0067559{col 26}{space 2} .0011408{col 37}{space 1}    5.92{col 46}{space 3}0.000{col 54}{space 4} .0045101{col 67}{space 3} .0090016
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.0266132{col 26}{space 2} .2926672{col 37}{space 1}   -0.09{col 46}{space 3}0.928{col 54}{space 4}-.6027476{col 67}{space 3} .5495212
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 4.18e-07{col 26}{space 2} 2.92e-07{col 37}{space 1}    1.43{col 46}{space 3}0.155{col 54}{space 4}-1.58e-07{col 67}{space 3} 9.93e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-3.92e-07{col 26}{space 2} 3.22e-07{col 37}{space 1}   -1.22{col 46}{space 3}0.224{col 54}{space 4}-1.03e-06{col 67}{space 3} 2.42e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}  .018411{col 26}{space 2} .0377348{col 37}{space 1}    0.49{col 46}{space 3}0.626{col 54}{space 4}-.0558723{col 67}{space 3} .0926944
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.4552429{col 26}{space 2} .0835032{col 37}{space 1}   -5.45{col 46}{space 3}0.000{col 54}{space 4}-.6196244{col 67}{space 3}-.2908615
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.3132515{col 26}{space 2} .0744968{col 37}{space 1}   -4.20{col 46}{space 3}0.000{col 54}{space 4}-.4599032{col 67}{space 3}-.1665998
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.4499307{col 26}{space 2} .0796882{col 37}{space 1}   -5.65{col 46}{space 3}0.000{col 54}{space 4}-.6068021{col 67}{space 3}-.2930594
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} -.540359{col 26}{space 2} .1336605{col 37}{space 1}   -4.04{col 46}{space 3}0.000{col 54}{space 4}-.8034784{col 67}{space 3}-.2772396
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.3778794{col 26}{space 2} .0798522{col 37}{space 1}   -4.73{col 46}{space 3}0.000{col 54}{space 4}-.5350737{col 67}{space 3}-.2206851
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.3096666{col 26}{space 2} .0912241{col 37}{space 1}   -3.39{col 46}{space 3}0.001{col 54}{space 4}-.4892472{col 67}{space 3} -.130086
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.2182373{col 26}{space 2} .0925529{col 37}{space 1}   -2.36{col 46}{space 3}0.019{col 54}{space 4}-.4004337{col 67}{space 3}-.0360408
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.3198529{col 26}{space 2} .0608905{col 37}{space 1}   -5.25{col 46}{space 3}0.000{col 54}{space 4}-.4397199{col 67}{space 3}-.1999858
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .1538783{col 26}{space 2} .1687271{col 37}{space 1}    0.91{col 46}{space 3}0.363{col 54}{space 4} -.178272{col 67}{space 3} .4860286
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .3154928{col 26}{space 2} .2187168{col 37}{space 1}    1.44{col 46}{space 3}0.150{col 54}{space 4}-.1150656{col 67}{space 3} .7460511
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .2515198{col 26}{space 2} .1666932{col 37}{space 1}    1.51{col 46}{space 3}0.132{col 54}{space 4}-.0766267{col 67}{space 3} .5796663
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .2603413{col 26}{space 2} .2284756{col 37}{space 1}    1.14{col 46}{space 3}0.255{col 54}{space 4}-.1894279{col 67}{space 3} .7101104
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .2590133{col 26}{space 2} .1571618{col 37}{space 1}    1.65{col 46}{space 3}0.100{col 54}{space 4}  -.05037{col 67}{space 3} .5683966
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .2399478{col 26}{space 2} .1558727{col 37}{space 1}    1.54{col 46}{space 3}0.125{col 54}{space 4}-.0668978{col 67}{space 3} .5467934
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .1524955{col 26}{space 2}  .160442{col 37}{space 1}    0.95{col 46}{space 3}0.343{col 54}{space 4} -.163345{col 67}{space 3}  .468336
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .4298064{col 26}{space 2} .2368154{col 37}{space 1}    1.81{col 46}{space 3}0.071{col 54}{space 4}-.0363802{col 67}{space 3}  .895993
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .1880821{col 26}{space 2} .1566823{col 37}{space 1}    1.20{col 46}{space 3}0.231{col 54}{space 4}-.1203572{col 67}{space 3} .4965213
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2}  .878859{col 26}{space 2} .1764514{col 37}{space 1}    4.98{col 46}{space 3}0.000{col 54}{space 4} .5315028{col 67}{space 3} 1.226215
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .2028227{col 26}{space 2} .1647991{col 37}{space 1}    1.23{col 46}{space 3}0.219{col 54}{space 4}-.1215951{col 67}{space 3} .5272404
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.1455077{col 26}{space 2}  .151102{col 37}{space 1}   -0.96{col 46}{space 3}0.336{col 54}{space 4}-.4429619{col 67}{space 3} .1519465
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .5371677{col 26}{space 2} .2225379{col 37}{space 1}    2.41{col 46}{space 3}0.016{col 54}{space 4} .0990874{col 67}{space 3}  .975248
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .2643416{col 26}{space 2}  .156549{col 37}{space 1}    1.69{col 46}{space 3}0.092{col 54}{space 4}-.0438353{col 67}{space 3} .5725185
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .2888463{col 26}{space 2} .1699724{col 37}{space 1}    1.70{col 46}{space 3}0.090{col 54}{space 4}-.0457554{col 67}{space 3} .6234479
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .4917653{col 26}{space 2} .1694291{col 37}{space 1}    2.90{col 46}{space 3}0.004{col 54}{space 4} .1582331{col 67}{space 3} .8252975
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .0274457{col 26}{space 2} .2118125{col 37}{space 1}    0.13{col 46}{space 3}0.897{col 54}{space 4} -.389521{col 67}{space 3} .4444124
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .4083839{col 26}{space 2} .2518942{col 37}{space 1}    1.62{col 46}{space 3}0.106{col 54}{space 4}-.0874862{col 67}{space 3}  .904254
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7688408{col 26}{space 2}  .047387{col 37}{space 1}  -16.22{col 46}{space 3}0.000{col 54}{space 4}-.8621251{col 67}{space 3}-.6755564
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7091608{col 26}{space 2} .0492141{col 37}{space 1}  -14.41{col 46}{space 3}0.000{col 54}{space 4} -.806042{col 67}{space 3}-.6122796
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7400283{col 26}{space 2} .0611839{col 37}{space 1}  -12.10{col 46}{space 3}0.000{col 54}{space 4}-.8604728{col 67}{space 3}-.6195838
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2} -.794361{col 26}{space 2} .0517104{col 37}{space 1}  -15.36{col 46}{space 3}0.000{col 54}{space 4}-.8961562{col 67}{space 3}-.6925658
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7426637{col 26}{space 2} .0561475{col 37}{space 1}  -13.23{col 46}{space 3}0.000{col 54}{space 4}-.8531938{col 67}{space 3}-.6321336
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7121078{col 26}{space 2}  .062335{col 37}{space 1}  -11.42{col 46}{space 3}0.000{col 54}{space 4}-.8348184{col 67}{space 3}-.5893973
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8615951{col 26}{space 2}  .060184{col 37}{space 1}  -14.32{col 46}{space 3}0.000{col 54}{space 4}-.9800712{col 67}{space 3} -.743119
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 9.001489{col 26}{space 2} 1.970696{col 37}{space 1}    4.57{col 46}{space 3}0.000{col 54}{space 4} 5.122046{col 67}{space 3} 12.88093
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (278 categories)

{com}. est store roa05
{txt}
{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&inaquint==5, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__43 omitted because of collinearity
{txt}note: _Iprovince__50 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1478
{col 56}{help j_robustsingular:F( 42, 277)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4341
{txt}{col 56}Adj R-squared ={res}  0.2750
{txt}{col 56}Root MSE      = {res} .43487

{txt}{ralign 78:(Std. Err. adjusted for {res:278} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} -.045584{col 26}{space 2} .0621432{col 37}{space 1}   -0.73{col 46}{space 3}0.464{col 54}{space 4} -.167917{col 67}{space 3} .0767489
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0256811{col 26}{space 2} .0479122{col 37}{space 1}    0.54{col 46}{space 3}0.592{col 54}{space 4}-.0686373{col 67}{space 3} .1199994
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 5.78e-06{col 26}{space 2} 4.07e-06{col 37}{space 1}    1.42{col 46}{space 3}0.157{col 54}{space 4}-2.24e-06{col 67}{space 3} .0000138
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0012536{col 26}{space 2} .0017617{col 37}{space 1}    0.71{col 46}{space 3}0.477{col 54}{space 4}-.0022145{col 67}{space 3} .0047217
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-1.158533{col 26}{space 2} .3462489{col 37}{space 1}   -3.35{col 46}{space 3}0.001{col 54}{space 4}-1.840147{col 67}{space 3}-.4769197
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1299429{col 26}{space 2} .0219373{col 37}{space 1}   -5.92{col 46}{space 3}0.000{col 54}{space 4}-.1731278{col 67}{space 3}-.0867579
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.6458956{col 26}{space 2}  .304832{col 37}{space 1}   -2.12{col 46}{space 3}0.035{col 54}{space 4}-1.245977{col 67}{space 3}-.0458139
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.0471023{col 26}{space 2}  .351123{col 37}{space 1}   -0.13{col 46}{space 3}0.893{col 54}{space 4}-.7383108{col 67}{space 3} .6441062
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0498125{col 26}{space 2} .0144557{col 37}{space 1}    3.45{col 46}{space 3}0.001{col 54}{space 4} .0213556{col 67}{space 3} .0782694
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0079221{col 26}{space 2} .0013671{col 37}{space 1}    5.79{col 46}{space 3}0.000{col 54}{space 4} .0052308{col 67}{space 3} .0106134
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .4631752{col 26}{space 2} .3879505{col 37}{space 1}    1.19{col 46}{space 3}0.234{col 54}{space 4}-.3005307{col 67}{space 3} 1.226881
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 7.49e-07{col 26}{space 2} 3.29e-07{col 37}{space 1}    2.28{col 46}{space 3}0.023{col 54}{space 4} 1.02e-07{col 67}{space 3} 1.40e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2}-2.85e-07{col 26}{space 2} 4.24e-07{col 37}{space 1}   -0.67{col 46}{space 3}0.503{col 54}{space 4}-1.12e-06{col 67}{space 3} 5.51e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0024651{col 26}{space 2} .0425015{col 37}{space 1}    0.06{col 46}{space 3}0.954{col 54}{space 4}-.0812019{col 67}{space 3}  .086132
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} -.690781{col 26}{space 2}  .116862{col 37}{space 1}   -5.91{col 46}{space 3}0.000{col 54}{space 4}-.9208314{col 67}{space 3}-.4607306
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.4498316{col 26}{space 2} .1097348{col 37}{space 1}   -4.10{col 46}{space 3}0.000{col 54}{space 4}-.6658516{col 67}{space 3}-.2338115
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.6608133{col 26}{space 2} .1072565{col 37}{space 1}   -6.16{col 46}{space 3}0.000{col 54}{space 4}-.8719547{col 67}{space 3}-.4496719
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.8201753{col 26}{space 2} .1662746{col 37}{space 1}   -4.93{col 46}{space 3}0.000{col 54}{space 4}-1.147498{col 67}{space 3} -.492853
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.5495635{col 26}{space 2} .1038712{col 37}{space 1}   -5.29{col 46}{space 3}0.000{col 54}{space 4}-.7540408{col 67}{space 3}-.3450862
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.4013285{col 26}{space 2} .1269562{col 37}{space 1}   -3.16{col 46}{space 3}0.002{col 54}{space 4}-.6512501{col 67}{space 3}-.1514069
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.3780004{col 26}{space 2} .1044582{col 37}{space 1}   -3.62{col 46}{space 3}0.000{col 54}{space 4}-.5836331{col 67}{space 3}-.1723677
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.5025253{col 26}{space 2}  .084568{col 37}{space 1}   -5.94{col 46}{space 3}0.000{col 54}{space 4}-.6690029{col 67}{space 3}-.3360477
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0076059{col 26}{space 2}  .209026{col 37}{space 1}    0.04{col 46}{space 3}0.971{col 54}{space 4}-.4038755{col 67}{space 3} .4190872
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .7321276{col 26}{space 2} .3724029{col 37}{space 1}    1.97{col 46}{space 3}0.050{col 54}{space 4}-.0009719{col 67}{space 3} 1.465227
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .1676049{col 26}{space 2} .1935313{col 37}{space 1}    0.87{col 46}{space 3}0.387{col 54}{space 4} -.213374{col 67}{space 3} .5485839
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .1049664{col 26}{space 2} .3202389{col 37}{space 1}    0.33{col 46}{space 3}0.743{col 54}{space 4}-.5254446{col 67}{space 3} .7353775
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}  .192187{col 26}{space 2} .1828734{col 37}{space 1}    1.05{col 46}{space 3}0.294{col 54}{space 4}-.1678112{col 67}{space 3} .5521851
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .1562442{col 26}{space 2} .1847463{col 37}{space 1}    0.85{col 46}{space 3}0.398{col 54}{space 4}-.2074409{col 67}{space 3} .5199293
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0748125{col 26}{space 2} .2061205{col 37}{space 1}    0.36{col 46}{space 3}0.717{col 54}{space 4}-.3309491{col 67}{space 3} .4805741
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .3593466{col 26}{space 2} .2587543{col 37}{space 1}    1.39{col 46}{space 3}0.166{col 54}{space 4} -.150028{col 67}{space 3} .8687213
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0781161{col 26}{space 2} .1884282{col 37}{space 1}    0.41{col 46}{space 3}0.679{col 54}{space 4}-.2928171{col 67}{space 3} .4490493
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .8464268{col 26}{space 2} .2135999{col 37}{space 1}    3.96{col 46}{space 3}0.000{col 54}{space 4} .4259415{col 67}{space 3} 1.266912
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1056746{col 26}{space 2} .1989248{col 37}{space 1}    0.53{col 46}{space 3}0.596{col 54}{space 4}-.2859218{col 67}{space 3}  .497271
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0137549{col 26}{space 2} .2982778{col 37}{space 1}    0.05{col 46}{space 3}0.963{col 54}{space 4}-.5734244{col 67}{space 3} .6009341
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .5298679{col 26}{space 2} .2672099{col 37}{space 1}    1.98{col 46}{space 3}0.048{col 54}{space 4} .0038479{col 67}{space 3} 1.055888
{txt}_Iprovinc~43 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .1703931{col 26}{space 2} .1869201{col 37}{space 1}    0.91{col 46}{space 3}0.363{col 54}{space 4}-.1975713{col 67}{space 3} .5383576
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .2405367{col 26}{space 2} .2035002{col 37}{space 1}    1.18{col 46}{space 3}0.238{col 54}{space 4}-.1600666{col 67}{space 3} .6411401
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .5075484{col 26}{space 2} .2055774{col 37}{space 1}    2.47{col 46}{space 3}0.014{col 54}{space 4}  .102856{col 67}{space 3} .9122409
{txt}_Iprovinc~50 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.2121708{col 26}{space 2} .2828417{col 37}{space 1}   -0.75{col 46}{space 3}0.454{col 54}{space 4}-.7689631{col 67}{space 3} .3446215
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .4042616{col 26}{space 2} .2901712{col 37}{space 1}    1.39{col 46}{space 3}0.165{col 54}{space 4}-.1669594{col 67}{space 3} .9754825
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6992147{col 26}{space 2} .0666777{col 37}{space 1}  -10.49{col 46}{space 3}0.000{col 54}{space 4} -.830474{col 67}{space 3}-.5679554
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6995906{col 26}{space 2} .0652068{col 37}{space 1}  -10.73{col 46}{space 3}0.000{col 54}{space 4}-.8279545{col 67}{space 3}-.5712267
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7359222{col 26}{space 2} .0724955{col 37}{space 1}  -10.15{col 46}{space 3}0.000{col 54}{space 4}-.8786343{col 67}{space 3}-.5932102
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7857178{col 26}{space 2} .0667393{col 37}{space 1}  -11.77{col 46}{space 3}0.000{col 54}{space 4}-.9170984{col 67}{space 3}-.6543372
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7326573{col 26}{space 2} .0767395{col 37}{space 1}   -9.55{col 46}{space 3}0.000{col 54}{space 4}-.8837241{col 67}{space 3}-.5815906
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7041302{col 26}{space 2} .0795223{col 37}{space 1}   -8.85{col 46}{space 3}0.000{col 54}{space 4} -.860675{col 67}{space 3}-.5475853
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8801648{col 26}{space 2} .0816438{col 37}{space 1}  -10.78{col 46}{space 3}0.000{col 54}{space 4}-1.040886{col 67}{space 3}-.7194437
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 8.306948{col 26}{space 2} 2.070909{col 37}{space 1}    4.01{col 46}{space 3}0.000{col 54}{space 4} 4.230229{col 67}{space 3} 12.38367
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (278 categories)

{com}. est store roe05
{txt}
{com}. 
. estimates table nm10 roa10 roe10 nm11 roa11 roe11 nm12 roa12 roe12 nm13 roa13 roe13 nm14 roa14 roe14 nm15 roa15 roe15, stats(N r2_a) keep(eceage) b(%7.4f) t(%7.4f) stfmt(%7.4g) 
{res}
{txt}{hline 12}{c -}{c TT}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 12:Variable} {c |} {center 8:nm10} {space 1} {center 8:roa10} {space 1} {center 8:roe10} {space 1} {center 8:nm11} {space 1} {center 8:roa11} {space 1} {center 8:roe11} {space 1} {center 8:nm12} {space 1} {center 8:roa12} {space 1} {center 8:roe12} {space 1} {center 8:nm13} {space 1}
{hline 12}{c -}{c +}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{res}{txt}{space 6}eceage {c |}{res} {ralign 8:-0.0169}{txt} {space 1}{res} {ralign 8:-0.0032}{txt} {space 1}{res} {ralign 8:-0.0035}{txt} {space 1}{res} {ralign 8:-0.0963}{txt} {space 1}{res} {ralign 8:-0.0837}{txt} {space 1}{res} {ralign 8:-0.0744}{txt} {space 1}{res} {ralign 8:0.0106}{txt} {space 1}{res} {ralign 8:-0.0351}{txt} {space 1}{res} {ralign 8:-0.0851}{txt} {space 1}{res} {ralign 8:-0.0065}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:-0.7304}{txt} {space 1}{res} {ralign 8:-0.1310}{txt} {space 1}{res} {ralign 8:-0.1060}{txt} {space 1}{res} {ralign 8:-1.2687}{txt} {space 1}{res} {ralign 8:-1.2087}{txt} {space 1}{res} {ralign 8:-0.8138}{txt} {space 1}{res} {ralign 8:0.1186}{txt} {space 1}{res} {ralign 8:-0.4143}{txt} {space 1}{res} {ralign 8:-0.7958}{txt} {space 1}{res} {ralign 8:-0.0636}{txt} {space 1}
{hline 12}{c -}{c +}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 12:N} {c |}{res} {ralign 8:5348}{txt} {space 1}{res} {ralign 8:5348}{txt} {space 1}{res} {ralign 8:5348}{txt} {space 1}{res} {ralign 8:1101}{txt} {space 1}{res} {ralign 8:1101}{txt} {space 1}{res} {ralign 8:1101}{txt} {space 1}{res} {ralign 8:906}{txt} {space 1}{res} {ralign 8:906}{txt} {space 1}{res} {ralign 8:906}{txt} {space 1}{res} {ralign 8:694}{txt} {space 1}
{ralign 12:r2_a} {c |}{res} {ralign 8:.2553}{txt} {space 1}{res} {ralign 8:.2448}{txt} {space 1}{res} {ralign 8:.1532}{txt} {space 1}{res} {ralign 8:.3404}{txt} {space 1}{res} {ralign 8:.2939}{txt} {space 1}{res} {ralign 8:.1499}{txt} {space 1}{res} {ralign 8:.356}{txt} {space 1}{res} {ralign 8:.3645}{txt} {space 1}{res} {ralign 8:.2055}{txt} {space 1}{res} {ralign 8:.3747}{txt} {space 1}
{hline 12}{c -}{c BT}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 124:legend: b/t}


{hline 12}{c -}{c TT}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 12:Variable} {c |} {center 8:roa13} {space 1} {center 8:roe13} {space 1} {center 8:nm14} {space 1} {center 8:roa14} {space 1} {center 8:roe14} {space 1} {center 8:nm15} {space 1} {center 8:roa15} {space 1} {center 8:roe15} {space 1}
{hline 12}{c -}{c +}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{res}{txt}{space 6}eceage {c |}{res} {ralign 8:-0.0105}{txt} {space 1}{res} {ralign 8:0.0117}{txt} {space 1}{res} {ralign 8:-0.0205}{txt} {space 1}{res} {ralign 8:-0.0423}{txt} {space 1}{res} {ralign 8:-0.0260}{txt} {space 1}{res} {ralign 8:-0.0621}{txt} {space 1}{res} {ralign 8:-0.0489}{txt} {space 1}{res} {ralign 8:-0.0871}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:-0.1140}{txt} {space 1}{res} {ralign 8:0.0880}{txt} {space 1}{res} {ralign 8:-0.2428}{txt} {space 1}{res} {ralign 8:-0.5560}{txt} {space 1}{res} {ralign 8:-0.2574}{txt} {space 1}{res} {ralign 8:-0.8602}{txt} {space 1}{res} {ralign 8:-0.7948}{txt} {space 1}{res} {ralign 8:-1.1708}{txt} {space 1}
{hline 12}{c -}{c +}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 12:N} {c |}{res} {ralign 8:694}{txt} {space 1}{res} {ralign 8:694}{txt} {space 1}{res} {ralign 8:701}{txt} {space 1}{res} {ralign 8:701}{txt} {space 1}{res} {ralign 8:701}{txt} {space 1}{res} {ralign 8:902}{txt} {space 1}{res} {ralign 8:902}{txt} {space 1}{res} {ralign 8:902}{txt} {space 1}
{ralign 12:r2_a} {c |}{res} {ralign 8:.3794}{txt} {space 1}{res} {ralign 8:.2227}{txt} {space 1}{res} {ralign 8:.4205}{txt} {space 1}{res} {ralign 8:.4466}{txt} {space 1}{res} {ralign 8:.3507}{txt} {space 1}{res} {ralign 8:.4018}{txt} {space 1}{res} {ralign 8:.4866}{txt} {space 1}{res} {ralign 8:.3158}{txt} {space 1}
{hline 12}{c -}{c BT}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 102:legend: b/t}

{com}. estimates table nm00 roa00 roe00 nm01 roa01 roe01 nm02 roa02 roe02 nm03 roa03 roe03 nm04 roa04 roe04 nm05 roa05 roe05, stats(N r2_a) keep(eceage) b(%7.4f) t(%7.4f) stfmt(%7.4g) 
{res}
{txt}{hline 12}{c -}{c TT}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 12:Variable} {c |} {center 8:nm00} {space 1} {center 8:roa00} {space 1} {center 8:roe00} {space 1} {center 8:nm01} {space 1} {center 8:roa01} {space 1} {center 8:roe01} {space 1} {center 8:nm02} {space 1} {center 8:roa02} {space 1} {center 8:roe02} {space 1} {center 8:nm03} {space 1}
{hline 12}{c -}{c +}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{res}{txt}{space 6}eceage {c |}{res} {ralign 8:0.0232}{txt} {space 1}{res} {ralign 8:0.0273}{txt} {space 1}{res} {ralign 8:0.0382}{txt} {space 1}{res} {ralign 8:0.0542}{txt} {space 1}{res} {ralign 8:0.0454}{txt} {space 1}{res} {ralign 8:0.0344}{txt} {space 1}{res} {ralign 8:-0.0973}{txt} {space 1}{res} {ralign 8:-0.0868}{txt} {space 1}{res} {ralign 8:-0.0942}{txt} {space 1}{res} {ralign 8:-0.0146}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:1.3539}{txt} {space 1}{res} {ralign 8:1.5375}{txt} {space 1}{res} {ralign 8:1.7155}{txt} {space 1}{res} {ralign 8:0.9021}{txt} {space 1}{res} {ralign 8:0.6824}{txt} {space 1}{res} {ralign 8:0.3918}{txt} {space 1}{res} {ralign 8:-2.2077}{txt} {space 1}{res} {ralign 8:-1.9996}{txt} {space 1}{res} {ralign 8:-1.7697}{txt} {space 1}{res} {ralign 8:-0.3766}{txt} {space 1}
{hline 12}{c -}{c +}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 12:N} {c |}{res} {ralign 8:7913}{txt} {space 1}{res} {ralign 8:7913}{txt} {space 1}{res} {ralign 8:7913}{txt} {space 1}{res} {ralign 8:1268}{txt} {space 1}{res} {ralign 8:1268}{txt} {space 1}{res} {ralign 8:1268}{txt} {space 1}{res} {ralign 8:1475}{txt} {space 1}{res} {ralign 8:1475}{txt} {space 1}{res} {ralign 8:1475}{txt} {space 1}{res} {ralign 8:1700}{txt} {space 1}
{ralign 12:r2_a} {c |}{res} {ralign 8:.2575}{txt} {space 1}{res} {ralign 8:.2354}{txt} {space 1}{res} {ralign 8:.1548}{txt} {space 1}{res} {ralign 8:.195}{txt} {space 1}{res} {ralign 8:.1881}{txt} {space 1}{res} {ralign 8:.1125}{txt} {space 1}{res} {ralign 8:.3622}{txt} {space 1}{res} {ralign 8:.3318}{txt} {space 1}{res} {ralign 8:.2363}{txt} {space 1}{res} {ralign 8:.3301}{txt} {space 1}
{hline 12}{c -}{c BT}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 124:legend: b/t}


{hline 12}{c -}{c TT}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 12:Variable} {c |} {center 8:roa03} {space 1} {center 8:roe03} {space 1} {center 8:nm04} {space 1} {center 8:roa04} {space 1} {center 8:roe04} {space 1} {center 8:nm05} {space 1} {center 8:roa05} {space 1} {center 8:roe05} {space 1}
{hline 12}{c -}{c +}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{res}{txt}{space 6}eceage {c |}{res} {ralign 8:-0.0120}{txt} {space 1}{res} {ralign 8:-0.0362}{txt} {space 1}{res} {ralign 8:0.0323}{txt} {space 1}{res} {ralign 8:0.0341}{txt} {space 1}{res} {ralign 8:0.0793}{txt} {space 1}{res} {ralign 8:-0.0181}{txt} {space 1}{res} {ralign 8:-0.0474}{txt} {space 1}{res} {ralign 8:-0.0456}{txt} {space 1}
{space 12} {c |}{res} {ralign 8:-0.2920}{txt} {space 1}{res} {ralign 8:-0.7111}{txt} {space 1}{res} {ralign 8:0.7459}{txt} {space 1}{res} {ralign 8:0.8318}{txt} {space 1}{res} {ralign 8:1.5971}{txt} {space 1}{res} {ralign 8:-0.3506}{txt} {space 1}{res} {ralign 8:-0.9924}{txt} {space 1}{res} {ralign 8:-0.7335}{txt} {space 1}
{hline 12}{c -}{c +}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 12:N} {c |}{res} {ralign 8:1700}{txt} {space 1}{res} {ralign 8:1700}{txt} {space 1}{res} {ralign 8:1693}{txt} {space 1}{res} {ralign 8:1693}{txt} {space 1}{res} {ralign 8:1693}{txt} {space 1}{res} {ralign 8:1478}{txt} {space 1}{res} {ralign 8:1478}{txt} {space 1}{res} {ralign 8:1478}{txt} {space 1}
{ralign 12:r2_a} {c |}{res} {ralign 8:.3314}{txt} {space 1}{res} {ralign 8:.2354}{txt} {space 1}{res} {ralign 8:.3068}{txt} {space 1}{res} {ralign 8:.3263}{txt} {space 1}{res} {ralign 8:.2372}{txt} {space 1}{res} {ralign 8:.3286}{txt} {space 1}{res} {ralign 8:.3674}{txt} {space 1}{res} {ralign 8:.275}{txt} {space 1}
{hline 12}{c -}{c BT}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}{c -}{hline 8}{c -}{c -}
{ralign 102:legend: b/t}

{com}. 
. * Table 8, which was the old Table 12. ece*age effects in wage/worker quintiles
. drop hkquint
{txt}
{com}. xtile hkquint = wageav, nq(5)
{txt}
{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==1, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    2228
{col 56}{help j_robustsingular:F( 54, 371)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4249
{txt}{col 56}Adj R-squared ={res}  0.2877
{txt}{col 56}Root MSE      = {res}  .4338

{txt}{ralign 78:(Std. Err. adjusted for {res:372} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0674819{col 26}{space 2} .0472744{col 37}{space 1}   -1.43{col 46}{space 3}0.154{col 54}{space 4}-.1604413{col 67}{space 3} .0254775
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0018141{col 26}{space 2} .0328404{col 37}{space 1}    0.06{col 46}{space 3}0.956{col 54}{space 4}-.0627625{col 67}{space 3} .0663907
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-6.14e-06{col 26}{space 2} 4.75e-06{col 37}{space 1}   -1.29{col 46}{space 3}0.197{col 54}{space 4}-.0000155{col 67}{space 3} 3.20e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0005003{col 26}{space 2} .0069271{col 37}{space 1}   -0.07{col 46}{space 3}0.942{col 54}{space 4}-.0141217{col 67}{space 3} .0131211
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.4422405{col 26}{space 2} .1683436{col 37}{space 1}   -2.63{col 46}{space 3}0.009{col 54}{space 4}-.7732677{col 67}{space 3}-.1112132
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0879927{col 26}{space 2} .0094055{col 37}{space 1}   -9.36{col 46}{space 3}0.000{col 54}{space 4}-.1064875{col 67}{space 3} -.069498
{txt}{space 7}effic {c |}{col 14}{res}{space 2}  .451164{col 26}{space 2} .3323757{col 37}{space 1}    1.36{col 46}{space 3}0.175{col 54}{space 4}-.2024126{col 67}{space 3} 1.104741
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} -.070253{col 26}{space 2} .2325044{col 37}{space 1}   -0.30{col 46}{space 3}0.763{col 54}{space 4}-.5274447{col 67}{space 3} .3869388
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0213031{col 26}{space 2} .0087006{col 37}{space 1}    2.45{col 46}{space 3}0.015{col 54}{space 4} .0041943{col 67}{space 3} .0384118
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0046547{col 26}{space 2}  .000624{col 37}{space 1}    7.46{col 46}{space 3}0.000{col 54}{space 4} .0034276{col 67}{space 3} .0058817
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .2668812{col 26}{space 2} .2174294{col 37}{space 1}    1.23{col 46}{space 3}0.220{col 54}{space 4}-.1606675{col 67}{space 3} .6944298
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-4.82e-07{col 26}{space 2} 4.53e-07{col 37}{space 1}   -1.06{col 46}{space 3}0.289{col 54}{space 4}-1.37e-06{col 67}{space 3} 4.10e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-8.19e-07{col 26}{space 2} 4.31e-07{col 37}{space 1}   -1.90{col 46}{space 3}0.058{col 54}{space 4}-1.67e-06{col 67}{space 3} 2.71e-08
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0221063{col 26}{space 2} .0119137{col 37}{space 1}    1.86{col 46}{space 3}0.064{col 54}{space 4}-.0013205{col 67}{space 3} .0455332
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.2015674{col 26}{space 2} .1057456{col 37}{space 1}   -1.91{col 46}{space 3}0.057{col 54}{space 4}-.4095033{col 67}{space 3} .0063684
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.1997081{col 26}{space 2} .1028729{col 37}{space 1}   -1.94{col 46}{space 3}0.053{col 54}{space 4}-.4019952{col 67}{space 3} .0025791
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.2327686{col 26}{space 2} .0950127{col 37}{space 1}   -2.45{col 46}{space 3}0.015{col 54}{space 4}-.4195995{col 67}{space 3}-.0459377
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.2262746{col 26}{space 2} .1186461{col 37}{space 1}   -1.91{col 46}{space 3}0.057{col 54}{space 4}-.4595778{col 67}{space 3} .0070287
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.0965113{col 26}{space 2} .1152554{col 37}{space 1}   -0.84{col 46}{space 3}0.403{col 54}{space 4} -.323147{col 67}{space 3} .1301245
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.1996804{col 26}{space 2} .0986757{col 37}{space 1}   -2.02{col 46}{space 3}0.044{col 54}{space 4}-.3937141{col 67}{space 3}-.0056466
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.1406077{col 26}{space 2} .2626267{col 37}{space 1}   -0.54{col 46}{space 3}0.593{col 54}{space 4}-.6570312{col 67}{space 3} .3758158
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.1490656{col 26}{space 2}  .095208{col 37}{space 1}   -1.57{col 46}{space 3}0.118{col 54}{space 4}-.3362806{col 67}{space 3} .0381494
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} -.201246{col 26}{space 2} .0974325{col 37}{space 1}   -2.07{col 46}{space 3}0.040{col 54}{space 4}-.3928352{col 67}{space 3}-.0096568
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0513785{col 26}{space 2} .1509307{col 37}{space 1}    0.34{col 46}{space 3}0.734{col 54}{space 4}-.2454085{col 67}{space 3} .3481654
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .1618897{col 26}{space 2} .1377951{col 37}{space 1}    1.17{col 46}{space 3}0.241{col 54}{space 4}-.1090676{col 67}{space 3} .4328471
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} -.152073{col 26}{space 2}  .183896{col 37}{space 1}   -0.83{col 46}{space 3}0.409{col 54}{space 4}-.5136821{col 67}{space 3} .2095361
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2} .2166435{col 26}{space 2} .1354375{col 37}{space 1}    1.60{col 46}{space 3}0.111{col 54}{space 4}-.0496778{col 67}{space 3} .4829649
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .1916802{col 26}{space 2} .1256603{col 37}{space 1}    1.53{col 46}{space 3}0.128{col 54}{space 4}-.0554157{col 67}{space 3}  .438776
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .0498722{col 26}{space 2} .1358095{col 37}{space 1}    0.37{col 46}{space 3}0.714{col 54}{space 4}-.2171807{col 67}{space 3} .3169251
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0655561{col 26}{space 2} .1311327{col 37}{space 1}    0.50{col 46}{space 3}0.617{col 54}{space 4}-.1923004{col 67}{space 3} .3234126
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}  .141599{col 26}{space 2} .1285524{col 37}{space 1}    1.10{col 46}{space 3}0.271{col 54}{space 4}-.1111837{col 67}{space 3} .3943816
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .1924149{col 26}{space 2} .1329045{col 37}{space 1}    1.45{col 46}{space 3}0.149{col 54}{space 4}-.0689258{col 67}{space 3} .4537556
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .2837821{col 26}{space 2} .1768223{col 37}{space 1}    1.60{col 46}{space 3}0.109{col 54}{space 4}-.0639175{col 67}{space 3} .6314816
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .1164614{col 26}{space 2} .1360741{col 37}{space 1}    0.86{col 46}{space 3}0.393{col 54}{space 4}-.1511118{col 67}{space 3} .3840345
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .2884561{col 26}{space 2} .2393478{col 37}{space 1}    1.21{col 46}{space 3}0.229{col 54}{space 4}-.1821924{col 67}{space 3} .7591045
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1816155{col 26}{space 2} .1271797{col 37}{space 1}    1.43{col 46}{space 3}0.154{col 54}{space 4}-.0684679{col 67}{space 3} .4316989
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0816905{col 26}{space 2} .1486729{col 37}{space 1}    0.55{col 46}{space 3}0.583{col 54}{space 4}-.2106567{col 67}{space 3} .3740377
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .3226819{col 26}{space 2} .1814911{col 37}{space 1}    1.78{col 46}{space 3}0.076{col 54}{space 4}-.0341984{col 67}{space 3} .6795622
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .2827634{col 26}{space 2} .1891419{col 37}{space 1}    1.49{col 46}{space 3}0.136{col 54}{space 4}-.0891612{col 67}{space 3} .6546881
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .2056311{col 26}{space 2} .1267704{col 37}{space 1}    1.62{col 46}{space 3}0.106{col 54}{space 4}-.0436476{col 67}{space 3} .4549098
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .0597162{col 26}{space 2} .1512057{col 37}{space 1}    0.39{col 46}{space 3}0.693{col 54}{space 4}-.2376114{col 67}{space 3} .3570439
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .6161893{col 26}{space 2} .3120184{col 37}{space 1}    1.97{col 46}{space 3}0.049{col 54}{space 4}  .002643{col 67}{space 3} 1.229736
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .1847801{col 26}{space 2} .2015504{col 37}{space 1}    0.92{col 46}{space 3}0.360{col 54}{space 4}-.2115444{col 67}{space 3} .5811045
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} -.197514{col 26}{space 2}   .16766{col 37}{space 1}   -1.18{col 46}{space 3}0.240{col 54}{space 4}-.5271972{col 67}{space 3} .1321691
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .1093344{col 26}{space 2} .1086029{col 37}{space 1}    1.01{col 46}{space 3}0.315{col 54}{space 4}-.1042201{col 67}{space 3} .3228889
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.1975052{col 26}{space 2}  .124496{col 37}{space 1}   -1.59{col 46}{space 3}0.113{col 54}{space 4}-.4423115{col 67}{space 3} .0473011
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.0427399{col 26}{space 2} .4680275{col 37}{space 1}   -0.09{col 46}{space 3}0.927{col 54}{space 4}-.9630592{col 67}{space 3} .8775793
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2} -.172146{col 26}{space 2} .3300738{col 37}{space 1}   -0.52{col 46}{space 3}0.602{col 54}{space 4}-.8211962{col 67}{space 3} .4769042
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .0622635{col 26}{space 2} .4539249{col 37}{space 1}    0.14{col 46}{space 3}0.891{col 54}{space 4}-.8303248{col 67}{space 3} .9548519
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2} .1580975{col 26}{space 2} .1472291{col 37}{space 1}    1.07{col 46}{space 3}0.284{col 54}{space 4}-.1314106{col 67}{space 3} .4476056
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} .1926447{col 26}{space 2} .2094525{col 37}{space 1}    0.92{col 46}{space 3}0.358{col 54}{space 4}-.2192183{col 67}{space 3} .6045076
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7079541{col 26}{space 2} .0347062{col 37}{space 1}  -20.40{col 46}{space 3}0.000{col 54}{space 4}-.7761996{col 67}{space 3}-.6397086
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7252042{col 26}{space 2} .0338858{col 37}{space 1}  -21.40{col 46}{space 3}0.000{col 54}{space 4}-.7918365{col 67}{space 3} -.658572
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} -.605726{col 26}{space 2} .0395917{col 37}{space 1}  -15.30{col 46}{space 3}0.000{col 54}{space 4}-.6835783{col 67}{space 3}-.5278738
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7202035{col 26}{space 2}  .038626{col 37}{space 1}  -18.65{col 46}{space 3}0.000{col 54}{space 4}-.7961568{col 67}{space 3}-.6442502
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}   -.7336{col 26}{space 2} .0515514{col 37}{space 1}  -14.23{col 46}{space 3}0.000{col 54}{space 4}-.8349697{col 67}{space 3}-.6322304
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6063878{col 26}{space 2} .0554068{col 37}{space 1}  -10.94{col 46}{space 3}0.000{col 54}{space 4}-.7153385{col 67}{space 3} -.497437
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} -.792643{col 26}{space 2} .0552294{col 37}{space 1}  -14.35{col 46}{space 3}0.000{col 54}{space 4}-.9012448{col 67}{space 3}-.6840412
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.471005{col 26}{space 2} .8437025{col 37}{space 1}    4.11{col 46}{space 3}0.000{col 54}{space 4} 1.811966{col 67}{space 3} 5.130044
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (372 categories)

{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==1, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    2228
{col 56}{help j_robustsingular:F( 55, 371)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4216
{txt}{col 56}Adj R-squared ={res}  0.2836
{txt}{col 56}Root MSE      = {res} .42363

{txt}{ralign 78:(Std. Err. adjusted for {res:372} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0469449{col 26}{space 2} .0438005{col 37}{space 1}   -1.07{col 46}{space 3}0.285{col 54}{space 4}-.1330732{col 67}{space 3} .0391834
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0042054{col 26}{space 2} .0313981{col 37}{space 1}   -0.13{col 46}{space 3}0.894{col 54}{space 4}-.0659459{col 67}{space 3} .0575352
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-6.01e-06{col 26}{space 2} 3.91e-06{col 37}{space 1}   -1.54{col 46}{space 3}0.125{col 54}{space 4}-.0000137{col 67}{space 3} 1.68e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0013664{col 26}{space 2}  .007074{col 37}{space 1}   -0.19{col 46}{space 3}0.847{col 54}{space 4}-.0152765{col 67}{space 3} .0125437
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.4310831{col 26}{space 2} .1663173{col 37}{space 1}   -2.59{col 46}{space 3}0.010{col 54}{space 4}-.7581259{col 67}{space 3}-.1040402
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0909649{col 26}{space 2}  .009289{col 37}{space 1}   -9.79{col 46}{space 3}0.000{col 54}{space 4}-.1092305{col 67}{space 3}-.0726993
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .4339127{col 26}{space 2} .3274288{col 37}{space 1}    1.33{col 46}{space 3}0.186{col 54}{space 4}-.2099364{col 67}{space 3} 1.077762
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.1212622{col 26}{space 2} .2249517{col 37}{space 1}   -0.54{col 46}{space 3}0.590{col 54}{space 4}-.5636024{col 67}{space 3}  .321078
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0203946{col 26}{space 2} .0084793{col 37}{space 1}    2.41{col 46}{space 3}0.017{col 54}{space 4}  .003721{col 67}{space 3} .0370682
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0046345{col 26}{space 2}  .000626{col 37}{space 1}    7.40{col 46}{space 3}0.000{col 54}{space 4} .0034034{col 67}{space 3} .0058655
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3039565{col 26}{space 2} .2126285{col 37}{space 1}    1.43{col 46}{space 3}0.154{col 54}{space 4}-.1141516{col 67}{space 3} .7220646
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-3.21e-07{col 26}{space 2} 4.29e-07{col 37}{space 1}   -0.75{col 46}{space 3}0.455{col 54}{space 4}-1.16e-06{col 67}{space 3} 5.22e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-3.56e-07{col 26}{space 2} 4.93e-07{col 37}{space 1}   -0.72{col 46}{space 3}0.470{col 54}{space 4}-1.32e-06{col 67}{space 3} 6.13e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0107359{col 26}{space 2} .0128974{col 37}{space 1}    0.83{col 46}{space 3}0.406{col 54}{space 4}-.0146251{col 67}{space 3}  .036097
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.0889331{col 26}{space 2}  .095403{col 37}{space 1}   -0.93{col 46}{space 3}0.352{col 54}{space 4}-.2765315{col 67}{space 3} .0986652
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.0420325{col 26}{space 2} .1124848{col 37}{space 1}   -0.37{col 46}{space 3}0.709{col 54}{space 4}-.2632203{col 67}{space 3} .1791553
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0642432{col 26}{space 2} .1033663{col 37}{space 1}   -0.62{col 46}{space 3}0.535{col 54}{space 4}-.2675005{col 67}{space 3}  .139014
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.0976375{col 26}{space 2} .1217175{col 37}{space 1}   -0.80{col 46}{space 3}0.423{col 54}{space 4}-.3369803{col 67}{space 3} .1417053
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .0461604{col 26}{space 2} .1199606{col 37}{space 1}    0.38{col 46}{space 3}0.701{col 54}{space 4}-.1897275{col 67}{space 3} .2820483
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.0273111{col 26}{space 2} .1141264{col 37}{space 1}   -0.24{col 46}{space 3}0.811{col 54}{space 4}-.2517268{col 67}{space 3} .1971046
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.0226162{col 26}{space 2} .2830187{col 37}{space 1}   -0.08{col 46}{space 3}0.936{col 54}{space 4}-.5791381{col 67}{space 3} .5339058
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .0093208{col 26}{space 2} .0963163{col 37}{space 1}    0.10{col 46}{space 3}0.923{col 54}{space 4}-.1800736{col 67}{space 3} .1987152
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.0309153{col 26}{space 2} .1026257{col 37}{space 1}   -0.30{col 46}{space 3}0.763{col 54}{space 4}-.2327163{col 67}{space 3} .1708856
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .1406474{col 26}{space 2}  .115944{col 37}{space 1}    1.21{col 46}{space 3}0.226{col 54}{space 4}-.0873425{col 67}{space 3} .3686373
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .2002541{col 26}{space 2}  .114797{col 37}{space 1}    1.74{col 46}{space 3}0.082{col 54}{space 4}-.0254803{col 67}{space 3} .4259886
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.1331155{col 26}{space 2}  .156727{col 37}{space 1}   -0.85{col 46}{space 3}0.396{col 54}{space 4}-.4413002{col 67}{space 3} .1750692
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2}  .433408{col 26}{space 2} .1272683{col 37}{space 1}    3.41{col 46}{space 3}0.001{col 54}{space 4} .1831504{col 67}{space 3} .6836657
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}  .208125{col 26}{space 2} .0992323{col 37}{space 1}    2.10{col 46}{space 3}0.037{col 54}{space 4} .0129967{col 67}{space 3} .4032532
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .1194621{col 26}{space 2} .1699994{col 37}{space 1}    0.70{col 46}{space 3}0.483{col 54}{space 4}-.2148212{col 67}{space 3} .4537453
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .1125226{col 26}{space 2} .0988672{col 37}{space 1}    1.14{col 46}{space 3}0.256{col 54}{space 4}-.0818877{col 67}{space 3} .3069329
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}  .180755{col 26}{space 2} .1065355{col 37}{space 1}    1.70{col 46}{space 3}0.091{col 54}{space 4}-.0287341{col 67}{space 3}  .390244
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .2351085{col 26}{space 2} .1074736{col 37}{space 1}    2.19{col 46}{space 3}0.029{col 54}{space 4} .0237747{col 67}{space 3} .4464423
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .4200272{col 26}{space 2} .1720622{col 37}{space 1}    2.44{col 46}{space 3}0.015{col 54}{space 4} .0816877{col 67}{space 3} .7583667
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .1558247{col 26}{space 2} .1110343{col 37}{space 1}    1.40{col 46}{space 3}0.161{col 54}{space 4}-.0625108{col 67}{space 3} .3741602
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .2977975{col 26}{space 2} .2090753{col 37}{space 1}    1.42{col 46}{space 3}0.155{col 54}{space 4}-.1133238{col 67}{space 3} .7089188
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .2186542{col 26}{space 2}  .097604{col 37}{space 1}    2.24{col 46}{space 3}0.026{col 54}{space 4} .0267277{col 67}{space 3} .4105807
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0989695{col 26}{space 2} .1322837{col 37}{space 1}    0.75{col 46}{space 3}0.455{col 54}{space 4}-.1611504{col 67}{space 3} .3590894
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .2850032{col 26}{space 2} .1695573{col 37}{space 1}    1.68{col 46}{space 3}0.094{col 54}{space 4}-.0484108{col 67}{space 3} .6184171
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .3427609{col 26}{space 2} .1508806{col 37}{space 1}    2.27{col 46}{space 3}0.024{col 54}{space 4} .0460726{col 67}{space 3} .6394493
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .2020028{col 26}{space 2} .1008342{col 37}{space 1}    2.00{col 46}{space 3}0.046{col 54}{space 4} .0037247{col 67}{space 3}  .400281
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .1532521{col 26}{space 2} .1256584{col 37}{space 1}    1.22{col 46}{space 3}0.223{col 54}{space 4}  -.09384{col 67}{space 3} .4003442
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .5952231{col 26}{space 2} .3399364{col 37}{space 1}    1.75{col 46}{space 3}0.081{col 54}{space 4}-.0732206{col 67}{space 3} 1.263667
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .2059365{col 26}{space 2} .1551726{col 37}{space 1}    1.33{col 46}{space 3}0.185{col 54}{space 4}-.0991917{col 67}{space 3} .5110646
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.0280327{col 26}{space 2} .1072346{col 37}{space 1}   -0.26{col 46}{space 3}0.794{col 54}{space 4}-.2388966{col 67}{space 3} .1828312
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .0707507{col 26}{space 2}  .077726{col 37}{space 1}    0.91{col 46}{space 3}0.363{col 54}{space 4} -.082088{col 67}{space 3} .2235894
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.1002859{col 26}{space 2}  .089324{col 37}{space 1}   -1.12{col 46}{space 3}0.262{col 54}{space 4}-.2759309{col 67}{space 3}  .075359
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .0288077{col 26}{space 2} .4262227{col 37}{space 1}    0.07{col 46}{space 3}0.946{col 54}{space 4}-.8093077{col 67}{space 3}  .866923
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.0573306{col 26}{space 2} .2829618{col 37}{space 1}   -0.20{col 46}{space 3}0.840{col 54}{space 4}-.6137407{col 67}{space 3} .4990795
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .0677133{col 26}{space 2} .4687567{col 37}{space 1}    0.14{col 46}{space 3}0.885{col 54}{space 4}  -.85404{col 67}{space 3} .9894666
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2} .1068226{col 26}{space 2} .1224426{col 37}{space 1}    0.87{col 46}{space 3}0.384{col 54}{space 4} -.133946{col 67}{space 3} .3475912
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} .2255666{col 26}{space 2} .1739716{col 37}{space 1}    1.30{col 46}{space 3}0.196{col 54}{space 4}-.1165275{col 67}{space 3} .5676607
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7118115{col 26}{space 2} .0314665{col 37}{space 1}  -22.62{col 46}{space 3}0.000{col 54}{space 4}-.7736865{col 67}{space 3}-.6499365
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2} -.664755{col 26}{space 2} .0325798{col 37}{space 1}  -20.40{col 46}{space 3}0.000{col 54}{space 4}-.7288193{col 67}{space 3}-.6006907
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5751141{col 26}{space 2} .0387266{col 37}{space 1}  -14.85{col 46}{space 3}0.000{col 54}{space 4}-.6512653{col 67}{space 3}-.4989628
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6829405{col 26}{space 2} .0381278{col 37}{space 1}  -17.91{col 46}{space 3}0.000{col 54}{space 4}-.7579143{col 67}{space 3}-.6079667
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} -.686728{col 26}{space 2} .0530805{col 37}{space 1}  -12.94{col 46}{space 3}0.000{col 54}{space 4}-.7911044{col 67}{space 3}-.5823515
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.5827333{col 26}{space 2} .0597355{col 37}{space 1}   -9.76{col 46}{space 3}0.000{col 54}{space 4}-.7001959{col 67}{space 3}-.4652707
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7507238{col 26}{space 2}  .053884{col 37}{space 1}  -13.93{col 46}{space 3}0.000{col 54}{space 4}-.8566802{col 67}{space 3}-.6447674
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.283151{col 26}{space 2} .8175472{col 37}{space 1}    4.02{col 46}{space 3}0.000{col 54}{space 4} 1.675543{col 67}{space 3} 4.890758
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (372 categories)

{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==1, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)

Linear regression, absorbing indicators{col 56}Number of obs ={res}    2228
{col 56}{help j_robustsingular:F( 54, 371)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3368
{txt}{col 56}Adj R-squared ={res}  0.1785
{txt}{col 56}Root MSE      = {res} .55676

{txt}{ralign 78:(Std. Err. adjusted for {res:372} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} -.028767{col 26}{space 2} .0513653{col 37}{space 1}   -0.56{col 46}{space 3}0.576{col 54}{space 4}-.1297707{col 67}{space 3} .0722367
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0047706{col 26}{space 2} .0363663{col 37}{space 1}   -0.13{col 46}{space 3}0.896{col 54}{space 4}-.0762806{col 67}{space 3} .0667393
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-7.42e-06{col 26}{space 2} 5.58e-06{col 37}{space 1}   -1.33{col 46}{space 3}0.184{col 54}{space 4}-.0000184{col 67}{space 3} 3.54e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0094928{col 26}{space 2} .0092362{col 37}{space 1}    1.03{col 46}{space 3}0.305{col 54}{space 4}-.0086691{col 67}{space 3} .0276547
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.3254214{col 26}{space 2} .2103669{col 37}{space 1}   -1.55{col 46}{space 3}0.123{col 54}{space 4}-.7390825{col 67}{space 3} .0882396
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0956624{col 26}{space 2} .0113309{col 37}{space 1}   -8.44{col 46}{space 3}0.000{col 54}{space 4}-.1179432{col 67}{space 3}-.0733816
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .2720762{col 26}{space 2} .3691248{col 37}{space 1}    0.74{col 46}{space 3}0.462{col 54}{space 4} -.453763{col 67}{space 3} .9979155
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.4004902{col 26}{space 2} .2570191{col 37}{space 1}   -1.56{col 46}{space 3}0.120{col 54}{space 4}-.9058871{col 67}{space 3} .1049067
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2}  .016125{col 26}{space 2} .0105923{col 37}{space 1}    1.52{col 46}{space 3}0.129{col 54}{space 4}-.0047034{col 67}{space 3} .0369534
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0045969{col 26}{space 2} .0007506{col 37}{space 1}    6.12{col 46}{space 3}0.000{col 54}{space 4} .0031208{col 67}{space 3} .0060729
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .7446823{col 26}{space 2} .2611093{col 37}{space 1}    2.85{col 46}{space 3}0.005{col 54}{space 4} .2312425{col 67}{space 3} 1.258122
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-1.46e-07{col 26}{space 2} 4.67e-07{col 37}{space 1}   -0.31{col 46}{space 3}0.755{col 54}{space 4}-1.06e-06{col 67}{space 3} 7.72e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2} 3.50e-08{col 26}{space 2} 6.46e-07{col 37}{space 1}    0.05{col 46}{space 3}0.957{col 54}{space 4}-1.24e-06{col 67}{space 3} 1.31e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0080232{col 26}{space 2} .0147392{col 37}{space 1}    0.54{col 46}{space 3}0.587{col 54}{space 4}-.0209597{col 67}{space 3}  .037006
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.3089161{col 26}{space 2} .0961301{col 37}{space 1}   -3.21{col 46}{space 3}0.001{col 54}{space 4}-.4979444{col 67}{space 3}-.1198878
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.2822489{col 26}{space 2} .1270002{col 37}{space 1}   -2.22{col 46}{space 3}0.027{col 54}{space 4}-.5319795{col 67}{space 3}-.0325183
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.3254922{col 26}{space 2} .1098059{col 37}{space 1}   -2.96{col 46}{space 3}0.003{col 54}{space 4}-.5414121{col 67}{space 3}-.1095723
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.3418944{col 26}{space 2}  .137314{col 37}{space 1}   -2.49{col 46}{space 3}0.013{col 54}{space 4}-.6119058{col 67}{space 3} -.071883
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.1809957{col 26}{space 2} .1230798{col 37}{space 1}   -1.47{col 46}{space 3}0.142{col 54}{space 4}-.4230172{col 67}{space 3} .0610257
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.2347157{col 26}{space 2}  .128389{col 37}{space 1}   -1.83{col 46}{space 3}0.068{col 54}{space 4}-.4871771{col 67}{space 3} .0177458
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.3728844{col 26}{space 2} .3188109{col 37}{space 1}   -1.17{col 46}{space 3}0.243{col 54}{space 4}-.9997874{col 67}{space 3} .2540186
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.2151199{col 26}{space 2} .1083309{col 37}{space 1}   -1.99{col 46}{space 3}0.048{col 54}{space 4}-.4281396{col 67}{space 3}-.0021003
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.2614307{col 26}{space 2} .1131859{col 37}{space 1}   -2.31{col 46}{space 3}0.021{col 54}{space 4}-.4839971{col 67}{space 3}-.0388643
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .1930867{col 26}{space 2} .1655372{col 37}{space 1}    1.17{col 46}{space 3}0.244{col 54}{space 4}-.1324221{col 67}{space 3} .5185955
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .3381157{col 26}{space 2} .1546602{col 37}{space 1}    2.19{col 46}{space 3}0.029{col 54}{space 4} .0339953{col 67}{space 3} .6422361
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.0845248{col 26}{space 2} .2017151{col 37}{space 1}   -0.42{col 46}{space 3}0.675{col 54}{space 4}-.4811732{col 67}{space 3} .3121235
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2} .5542933{col 26}{space 2} .1757463{col 37}{space 1}    3.15{col 46}{space 3}0.002{col 54}{space 4} .2087095{col 67}{space 3} .8998772
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .2730534{col 26}{space 2} .1398512{col 37}{space 1}    1.95{col 46}{space 3}0.052{col 54}{space 4} -.001947{col 67}{space 3} .5480538
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .1650464{col 26}{space 2}  .195359{col 37}{space 1}    0.84{col 46}{space 3}0.399{col 54}{space 4}-.2191034{col 67}{space 3} .5491962
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .2293567{col 26}{space 2}  .158362{col 37}{space 1}    1.45{col 46}{space 3}0.148{col 54}{space 4}-.0820431{col 67}{space 3} .5407564
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .2831751{col 26}{space 2} .1365458{col 37}{space 1}    2.07{col 46}{space 3}0.039{col 54}{space 4} .0146744{col 67}{space 3} .5516759
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .3411714{col 26}{space 2} .1432014{col 37}{space 1}    2.38{col 46}{space 3}0.018{col 54}{space 4} .0595832{col 67}{space 3} .6227596
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .4989551{col 26}{space 2} .2385337{col 37}{space 1}    2.09{col 46}{space 3}0.037{col 54}{space 4} .0299075{col 67}{space 3} .9680027
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .2591496{col 26}{space 2} .1603466{col 37}{space 1}    1.62{col 46}{space 3}0.107{col 54}{space 4}-.0561525{col 67}{space 3} .5744518
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .3200638{col 26}{space 2} .2494524{col 37}{space 1}    1.28{col 46}{space 3}0.200{col 54}{space 4}-.1704541{col 67}{space 3} .8105817
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .3512195{col 26}{space 2} .1401786{col 37}{space 1}    2.51{col 46}{space 3}0.013{col 54}{space 4} .0755752{col 67}{space 3} .6268638
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .1927421{col 26}{space 2} .1799492{col 37}{space 1}    1.07{col 46}{space 3}0.285{col 54}{space 4}-.1611061{col 67}{space 3} .5465904
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .4067889{col 26}{space 2} .2120393{col 37}{space 1}    1.92{col 46}{space 3}0.056{col 54}{space 4}-.0101607{col 67}{space 3} .8237384
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .3982653{col 26}{space 2} .2118964{col 37}{space 1}    1.88{col 46}{space 3}0.061{col 54}{space 4}-.0184032{col 67}{space 3} .8149339
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .2665271{col 26}{space 2} .1417221{col 37}{space 1}    1.88{col 46}{space 3}0.061{col 54}{space 4}-.0121522{col 67}{space 3} .5452063
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .3568792{col 26}{space 2} .1444168{col 37}{space 1}    2.47{col 46}{space 3}0.014{col 54}{space 4} .0729011{col 67}{space 3} .6408573
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .6989766{col 26}{space 2} .2875399{col 37}{space 1}    2.43{col 46}{space 3}0.016{col 54}{space 4} .1335641{col 67}{space 3} 1.264389
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .2467424{col 26}{space 2} .1916244{col 37}{space 1}    1.29{col 46}{space 3}0.199{col 54}{space 4}-.1300637{col 67}{space 3} .6235486
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .0124863{col 26}{space 2} .1411494{col 37}{space 1}    0.09{col 46}{space 3}0.930{col 54}{space 4}-.2650668{col 67}{space 3} .2900395
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .0871033{col 26}{space 2} .1625706{col 37}{space 1}    0.54{col 46}{space 3}0.592{col 54}{space 4} -.232572{col 67}{space 3} .4067786
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} -.076663{col 26}{space 2} .1369969{col 37}{space 1}   -0.56{col 46}{space 3}0.576{col 54}{space 4}-.3460508{col 67}{space 3} .1927248
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.0225967{col 26}{space 2} .5314902{col 37}{space 1}   -0.04{col 46}{space 3}0.966{col 54}{space 4}-1.067708{col 67}{space 3} 1.022514
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.1044269{col 26}{space 2} .3839604{col 37}{space 1}   -0.27{col 46}{space 3}0.786{col 54}{space 4}-.8594385{col 67}{space 3} .6505847
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2}-.3106553{col 26}{space 2} .6606966{col 37}{space 1}   -0.47{col 46}{space 3}0.638{col 54}{space 4}-1.609835{col 67}{space 3} .9885244
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2}  .371698{col 26}{space 2} .1613531{col 37}{space 1}    2.30{col 46}{space 3}0.022{col 54}{space 4} .0544167{col 67}{space 3} .6889792
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} .4197558{col 26}{space 2} .2184938{col 37}{space 1}    1.92{col 46}{space 3}0.055{col 54}{space 4}-.0098858{col 67}{space 3} .8493974
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6647098{col 26}{space 2}  .048411{col 37}{space 1}  -13.73{col 46}{space 3}0.000{col 54}{space 4}-.7599042{col 67}{space 3}-.5695155
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6744041{col 26}{space 2} .0436905{col 37}{space 1}  -15.44{col 46}{space 3}0.000{col 54}{space 4}-.7603162{col 67}{space 3}-.5884919
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5637236{col 26}{space 2} .0480468{col 37}{space 1}  -11.73{col 46}{space 3}0.000{col 54}{space 4}-.6582017{col 67}{space 3}-.4692454
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6096695{col 26}{space 2} .0459542{col 37}{space 1}  -13.27{col 46}{space 3}0.000{col 54}{space 4}-.7000329{col 67}{space 3}-.5193062
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}  -.60801{col 26}{space 2} .0641554{col 37}{space 1}   -9.48{col 46}{space 3}0.000{col 54}{space 4}-.7341637{col 67}{space 3}-.4818563
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}  -.54773{col 26}{space 2} .0726208{col 37}{space 1}   -7.54{col 46}{space 3}0.000{col 54}{space 4}  -.69053{col 67}{space 3}-.4049301
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.6672953{col 26}{space 2} .0739353{col 37}{space 1}   -9.03{col 46}{space 3}0.000{col 54}{space 4}-.8126801{col 67}{space 3}-.5219105
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 2.756439{col 26}{space 2} 1.027721{col 37}{space 1}    2.68{col 46}{space 3}0.008{col 54}{space 4} .7355499{col 67}{space 3} 4.777329
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (372 categories)

{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==2, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1954
{col 56}{help j_robustsingular:F( 54, 380)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4216
{txt}{col 56}Adj R-squared ={res}  0.2548
{txt}{col 56}Root MSE      = {res} .41167

{txt}{ralign 78:(Std. Err. adjusted for {res:381} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}  .034818{col 26}{space 2} .0376129{col 37}{space 1}    0.93{col 46}{space 3}0.355{col 54}{space 4}-.0391375{col 67}{space 3} .1087736
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0783853{col 26}{space 2} .0363097{col 37}{space 1}   -2.16{col 46}{space 3}0.031{col 54}{space 4}-.1497784{col 67}{space 3}-.0069923
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-4.33e-07{col 26}{space 2} 5.91e-06{col 37}{space 1}   -0.07{col 46}{space 3}0.942{col 54}{space 4} -.000012{col 67}{space 3} .0000112
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0296713{col 26}{space 2} .0145644{col 37}{space 1}   -2.04{col 46}{space 3}0.042{col 54}{space 4}-.0583082{col 67}{space 3}-.0010344
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.5267867{col 26}{space 2} .2462769{col 37}{space 1}   -2.14{col 46}{space 3}0.033{col 54}{space 4}-1.011023{col 67}{space 3}-.0425506
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0701297{col 26}{space 2} .0146887{col 37}{space 1}   -4.77{col 46}{space 3}0.000{col 54}{space 4} -.099011{col 67}{space 3}-.0412484
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0660576{col 26}{space 2} .3888676{col 37}{space 1}   -0.17{col 46}{space 3}0.865{col 54}{space 4}-.8306594{col 67}{space 3} .6985441
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.0794439{col 26}{space 2} .2355123{col 37}{space 1}   -0.34{col 46}{space 3}0.736{col 54}{space 4}-.5425144{col 67}{space 3} .3836267
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0233348{col 26}{space 2} .0123291{col 37}{space 1}    1.89{col 46}{space 3}0.059{col 54}{space 4}-.0009071{col 67}{space 3} .0475766
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0034889{col 26}{space 2} .0009765{col 37}{space 1}    3.57{col 46}{space 3}0.000{col 54}{space 4} .0015689{col 67}{space 3} .0054089
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3109318{col 26}{space 2} .2340342{col 37}{space 1}    1.33{col 46}{space 3}0.185{col 54}{space 4}-.1492323{col 67}{space 3} .7710959
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 2.30e-07{col 26}{space 2} 5.41e-07{col 37}{space 1}    0.43{col 46}{space 3}0.671{col 54}{space 4}-8.34e-07{col 67}{space 3} 1.29e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 4.96e-07{col 26}{space 2} 4.30e-07{col 37}{space 1}    1.15{col 46}{space 3}0.249{col 54}{space 4}-3.49e-07{col 67}{space 3} 1.34e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0288948{col 26}{space 2} .0147451{col 37}{space 1}   -1.96{col 46}{space 3}0.051{col 54}{space 4} -.057887{col 67}{space 3} .0000974
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .5543729{col 26}{space 2} .1597371{col 37}{space 1}    3.47{col 46}{space 3}0.001{col 54}{space 4} .2402935{col 67}{space 3} .8684522
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .6203307{col 26}{space 2} .1598499{col 37}{space 1}    3.88{col 46}{space 3}0.000{col 54}{space 4} .3060295{col 67}{space 3} .9346318
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .5679175{col 26}{space 2} .1578455{col 37}{space 1}    3.60{col 46}{space 3}0.000{col 54}{space 4} .2575575{col 67}{space 3} .8782775
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}   .61064{col 26}{space 2} .1766156{col 37}{space 1}    3.46{col 46}{space 3}0.001{col 54}{space 4} .2633737{col 67}{space 3} .9579062
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}  .583336{col 26}{space 2} .1613751{col 37}{space 1}    3.61{col 46}{space 3}0.000{col 54}{space 4} .2660361{col 67}{space 3} .9006359
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .4977823{col 26}{space 2} .1620118{col 37}{space 1}    3.07{col 46}{space 3}0.002{col 54}{space 4} .1792305{col 67}{space 3} .8163341
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} .9259717{col 26}{space 2}  .248757{col 37}{space 1}    3.72{col 46}{space 3}0.000{col 54}{space 4} .4368591{col 67}{space 3} 1.415084
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .4922426{col 26}{space 2} .1547887{col 37}{space 1}    3.18{col 46}{space 3}0.002{col 54}{space 4}  .187893{col 67}{space 3} .7965921
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .6110952{col 26}{space 2} .1568484{col 37}{space 1}    3.90{col 46}{space 3}0.000{col 54}{space 4} .3026958{col 67}{space 3} .9194947
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}  .019965{col 26}{space 2} .1203485{col 37}{space 1}    0.17{col 46}{space 3}0.868{col 54}{space 4}-.2166674{col 67}{space 3} .2565974
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0454735{col 26}{space 2} .1130018{col 37}{space 1}   -0.40{col 46}{space 3}0.688{col 54}{space 4}-.2676607{col 67}{space 3} .1767136
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.1218832{col 26}{space 2} .2065399{col 37}{space 1}   -0.59{col 46}{space 3}0.555{col 54}{space 4}-.5279874{col 67}{space 3} .2842209
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2}-.1056096{col 26}{space 2} .1049716{col 37}{space 1}   -1.01{col 46}{space 3}0.315{col 54}{space 4}-.3120076{col 67}{space 3} .1007883
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .1125725{col 26}{space 2} .1193008{col 37}{space 1}    0.94{col 46}{space 3}0.346{col 54}{space 4}-.1219998{col 67}{space 3} .3471448
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .4408547{col 26}{space 2} .2089379{col 37}{space 1}    2.11{col 46}{space 3}0.036{col 54}{space 4} .0300356{col 67}{space 3} .8516739
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .1075501{col 26}{space 2} .0901071{col 37}{space 1}    1.19{col 46}{space 3}0.233{col 54}{space 4}-.0696209{col 67}{space 3} .2847212
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .1452511{col 26}{space 2} .1038648{col 37}{space 1}    1.40{col 46}{space 3}0.163{col 54}{space 4}-.0589707{col 67}{space 3} .3494729
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .1230723{col 26}{space 2} .0968411{col 37}{space 1}    1.27{col 46}{space 3}0.205{col 54}{space 4}-.0673392{col 67}{space 3} .3134837
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .0613898{col 26}{space 2} .2454137{col 37}{space 1}    0.25{col 46}{space 3}0.803{col 54}{space 4}-.4211492{col 67}{space 3} .5439288
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0365947{col 26}{space 2} .1042337{col 37}{space 1}    0.35{col 46}{space 3}0.726{col 54}{space 4}-.1683523{col 67}{space 3} .2415417
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2}-.0418897{col 26}{space 2}  .160617{col 37}{space 1}   -0.26{col 46}{space 3}0.794{col 54}{space 4}-.3576991{col 67}{space 3} .2739197
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}  .099102{col 26}{space 2} .1027262{col 37}{space 1}    0.96{col 46}{space 3}0.335{col 54}{space 4}-.1028809{col 67}{space 3}  .301085
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.1075558{col 26}{space 2} .1622655{col 37}{space 1}   -0.66{col 46}{space 3}0.508{col 54}{space 4}-.4266065{col 67}{space 3} .2114949
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .0181621{col 26}{space 2} .2392665{col 37}{space 1}    0.08{col 46}{space 3}0.940{col 54}{space 4}  -.45229{col 67}{space 3} .4886142
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .0359896{col 26}{space 2} .1497786{col 37}{space 1}    0.24{col 46}{space 3}0.810{col 54}{space 4}-.2585091{col 67}{space 3} .3304883
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}   .10339{col 26}{space 2} .1009225{col 37}{space 1}    1.02{col 46}{space 3}0.306{col 54}{space 4}-.0950464{col 67}{space 3} .3018264
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.0182977{col 26}{space 2} .1467971{col 37}{space 1}   -0.12{col 46}{space 3}0.901{col 54}{space 4}-.3069341{col 67}{space 3} .2703386
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} -.090037{col 26}{space 2}  .171179{col 37}{space 1}   -0.53{col 46}{space 3}0.599{col 54}{space 4}-.4266138{col 67}{space 3} .2465397
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .0200674{col 26}{space 2} .1136825{col 37}{space 1}    0.18{col 46}{space 3}0.860{col 54}{space 4}-.2034582{col 67}{space 3}  .243593
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1473334{col 26}{space 2} .1432029{col 37}{space 1}   -1.03{col 46}{space 3}0.304{col 54}{space 4}-.4289027{col 67}{space 3} .1342359
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2}-.1503193{col 26}{space 2} .2090335{col 37}{space 1}   -0.72{col 46}{space 3}0.473{col 54}{space 4}-.5613264{col 67}{space 3} .2606878
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.1693126{col 26}{space 2} .2100411{col 37}{space 1}   -0.81{col 46}{space 3}0.421{col 54}{space 4}-.5823009{col 67}{space 3} .2436757
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .0185749{col 26}{space 2} .1630488{col 37}{space 1}    0.11{col 46}{space 3}0.909{col 54}{space 4} -.302016{col 67}{space 3} .3391659
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.0319033{col 26}{space 2} .1381931{col 37}{space 1}   -0.23{col 46}{space 3}0.818{col 54}{space 4}-.3036223{col 67}{space 3} .2398158
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .7330081{col 26}{space 2} .1378426{col 37}{space 1}    5.32{col 46}{space 3}0.000{col 54}{space 4} .4619784{col 67}{space 3} 1.004038
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.3835903{col 26}{space 2} .1340487{col 37}{space 1}   -2.86{col 46}{space 3}0.004{col 54}{space 4}-.6471603{col 67}{space 3}-.1200202
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.718859{col 26}{space 2} .0495351{col 37}{space 1}  -14.51{col 46}{space 3}0.000{col 54}{space 4}-.8162562{col 67}{space 3}-.6214617
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7386149{col 26}{space 2}  .049801{col 37}{space 1}  -14.83{col 46}{space 3}0.000{col 54}{space 4} -.836535{col 67}{space 3}-.6406948
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6886344{col 26}{space 2} .0439635{col 37}{space 1}  -15.66{col 46}{space 3}0.000{col 54}{space 4}-.7750765{col 67}{space 3}-.6021923
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2} -.826391{col 26}{space 2} .0554684{col 37}{space 1}  -14.90{col 46}{space 3}0.000{col 54}{space 4}-.9354544{col 67}{space 3}-.7173277
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8289359{col 26}{space 2} .0487558{col 37}{space 1}  -17.00{col 46}{space 3}0.000{col 54}{space 4}-.9248008{col 67}{space 3} -.733071
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7775043{col 26}{space 2} .0498101{col 37}{space 1}  -15.61{col 46}{space 3}0.000{col 54}{space 4}-.8754422{col 67}{space 3}-.6795663
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.9488976{col 26}{space 2} .0556036{col 37}{space 1}  -17.07{col 46}{space 3}0.000{col 54}{space 4}-1.058227{col 67}{space 3}-.8395683
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.780773{col 26}{space 2} 1.206975{col 37}{space 1}    3.13{col 46}{space 3}0.002{col 54}{space 4} 1.407587{col 67}{space 3} 6.153959
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (381 categories)

{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==2, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1954
{col 56}{help j_robustsingular:F( 54, 380)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4196
{txt}{col 56}Adj R-squared ={res}  0.2523
{txt}{col 56}Root MSE      = {res} .40638

{txt}{ralign 78:(Std. Err. adjusted for {res:381} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0428787{col 26}{space 2}  .039141{col 37}{space 1}    1.10{col 46}{space 3}0.274{col 54}{space 4}-.0340813{col 67}{space 3} .1198387
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0633867{col 26}{space 2} .0348372{col 37}{space 1}   -1.82{col 46}{space 3}0.070{col 54}{space 4}-.1318846{col 67}{space 3} .0051111
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-1.74e-06{col 26}{space 2} 4.60e-06{col 37}{space 1}   -0.38{col 46}{space 3}0.706{col 54}{space 4}-.0000108{col 67}{space 3} 7.30e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0272191{col 26}{space 2}  .015362{col 37}{space 1}   -1.77{col 46}{space 3}0.077{col 54}{space 4}-.0574243{col 67}{space 3}  .002986
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.4270506{col 26}{space 2} .2305315{col 37}{space 1}   -1.85{col 46}{space 3}0.065{col 54}{space 4}-.8803277{col 67}{space 3} .0262265
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0762026{col 26}{space 2} .0160927{col 37}{space 1}   -4.74{col 46}{space 3}0.000{col 54}{space 4}-.1078444{col 67}{space 3}-.0445607
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0253164{col 26}{space 2}  .311962{col 37}{space 1}   -0.08{col 46}{space 3}0.935{col 54}{space 4}-.6387044{col 67}{space 3} .5880716
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0013669{col 26}{space 2} .2354732{col 37}{space 1}    0.01{col 46}{space 3}0.995{col 54}{space 4}-.4616266{col 67}{space 3} .4643605
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0183543{col 26}{space 2} .0112726{col 37}{space 1}    1.63{col 46}{space 3}0.104{col 54}{space 4}-.0038103{col 67}{space 3} .0405188
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0038443{col 26}{space 2} .0010939{col 37}{space 1}    3.51{col 46}{space 3}0.000{col 54}{space 4} .0016934{col 67}{space 3} .0059951
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .2355664{col 26}{space 2} .2265684{col 37}{space 1}    1.04{col 46}{space 3}0.299{col 54}{space 4}-.2099184{col 67}{space 3} .6810512
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 1.84e-07{col 26}{space 2} 3.72e-07{col 37}{space 1}    0.49{col 46}{space 3}0.621{col 54}{space 4}-5.47e-07{col 67}{space 3} 9.15e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2} 7.32e-07{col 26}{space 2} 4.23e-07{col 37}{space 1}    1.73{col 46}{space 3}0.084{col 54}{space 4}-9.94e-08{col 67}{space 3} 1.56e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} -.019981{col 26}{space 2} .0145611{col 37}{space 1}   -1.37{col 46}{space 3}0.171{col 54}{space 4}-.0486115{col 67}{space 3} .0086495
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .4468002{col 26}{space 2} .1369021{col 37}{space 1}    3.26{col 46}{space 3}0.001{col 54}{space 4} .1776197{col 67}{space 3} .7159808
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .5775557{col 26}{space 2} .1331534{col 37}{space 1}    4.34{col 46}{space 3}0.000{col 54}{space 4} .3157459{col 67}{space 3} .8393655
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .5159403{col 26}{space 2} .1302072{col 37}{space 1}    3.96{col 46}{space 3}0.000{col 54}{space 4} .2599234{col 67}{space 3} .7719571
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .5897018{col 26}{space 2} .1465454{col 37}{space 1}    4.02{col 46}{space 3}0.000{col 54}{space 4} .3015604{col 67}{space 3} .8778432
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .5334817{col 26}{space 2} .1327078{col 37}{space 1}    4.02{col 46}{space 3}0.000{col 54}{space 4} .2725481{col 67}{space 3} .7944152
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .4706549{col 26}{space 2}  .132901{col 37}{space 1}    3.54{col 46}{space 3}0.000{col 54}{space 4} .2093414{col 67}{space 3} .7319684
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}  .951082{col 26}{space 2} .2026678{col 37}{space 1}    4.69{col 46}{space 3}0.000{col 54}{space 4} .5525912{col 67}{space 3} 1.349573
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .4829662{col 26}{space 2} .1273714{col 37}{space 1}    3.79{col 46}{space 3}0.000{col 54}{space 4} .2325252{col 67}{space 3} .7334071
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .5917891{col 26}{space 2} .1271866{col 37}{space 1}    4.65{col 46}{space 3}0.000{col 54}{space 4} .3417115{col 67}{space 3} .8418666
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}  .074394{col 26}{space 2} .0949938{col 37}{space 1}    0.78{col 46}{space 3}0.434{col 54}{space 4}-.1123852{col 67}{space 3} .2611733
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0535903{col 26}{space 2} .0905237{col 37}{space 1}   -0.59{col 46}{space 3}0.554{col 54}{space 4}-.2315804{col 67}{space 3} .1243998
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.1103706{col 26}{space 2} .1952369{col 37}{space 1}   -0.57{col 46}{space 3}0.572{col 54}{space 4}-.4942505{col 67}{space 3} .2735094
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2} .6077174{col 26}{space 2}  .080798{col 37}{space 1}    7.52{col 46}{space 3}0.000{col 54}{space 4} .4488502{col 67}{space 3} .7665846
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0614092{col 26}{space 2} .0954029{col 37}{space 1}    0.64{col 46}{space 3}0.520{col 54}{space 4}-.1261745{col 67}{space 3} .2489928
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .6852799{col 26}{space 2}   .12737{col 37}{space 1}    5.38{col 46}{space 3}0.000{col 54}{space 4} .4348416{col 67}{space 3} .9357182
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0777596{col 26}{space 2} .0691172{col 37}{space 1}    1.13{col 46}{space 3}0.261{col 54}{space 4}-.0581405{col 67}{space 3} .2136597
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .1151261{col 26}{space 2} .0758816{col 37}{space 1}    1.52{col 46}{space 3}0.130{col 54}{space 4}-.0340743{col 67}{space 3} .2643266
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0911407{col 26}{space 2} .0691672{col 37}{space 1}    1.32{col 46}{space 3}0.188{col 54}{space 4}-.0448578{col 67}{space 3} .2271391
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0118805{col 26}{space 2} .3076166{col 37}{space 1}   -0.04{col 46}{space 3}0.969{col 54}{space 4}-.6167245{col 67}{space 3} .5929634
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0334781{col 26}{space 2} .0830521{col 37}{space 1}    0.40{col 46}{space 3}0.687{col 54}{space 4}-.1298212{col 67}{space 3} .1967775
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .0578896{col 26}{space 2} .1827586{col 37}{space 1}    0.32{col 46}{space 3}0.752{col 54}{space 4}-.3014552{col 67}{space 3} .4172345
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0945368{col 26}{space 2} .0759558{col 37}{space 1}    1.24{col 46}{space 3}0.214{col 54}{space 4}-.0548096{col 67}{space 3} .2438831
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.1218334{col 26}{space 2} .1433171{col 37}{space 1}   -0.85{col 46}{space 3}0.396{col 54}{space 4}-.4036273{col 67}{space 3} .1599605
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .0723655{col 26}{space 2} .1959983{col 37}{space 1}    0.37{col 46}{space 3}0.712{col 54}{space 4}-.3130115{col 67}{space 3} .4577424
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}-.0111299{col 26}{space 2}  .153316{col 37}{space 1}   -0.07{col 46}{space 3}0.942{col 54}{space 4}-.3125838{col 67}{space 3}  .290324
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0680782{col 26}{space 2} .0755677{col 37}{space 1}    0.90{col 46}{space 3}0.368{col 54}{space 4}-.0805051{col 67}{space 3} .2166614
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}  .116575{col 26}{space 2} .1240663{col 37}{space 1}    0.94{col 46}{space 3}0.348{col 54}{space 4}-.1273674{col 67}{space 3} .3605173
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.0839414{col 26}{space 2}  .153597{col 37}{space 1}   -0.55{col 46}{space 3}0.585{col 54}{space 4}-.3859479{col 67}{space 3} .2180652
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .0420388{col 26}{space 2} .0928881{col 37}{space 1}    0.45{col 46}{space 3}0.651{col 54}{space 4}-.1406003{col 67}{space 3} .2246779
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1471352{col 26}{space 2} .1278066{col 37}{space 1}   -1.15{col 46}{space 3}0.250{col 54}{space 4}-.3984319{col 67}{space 3} .1041615
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2}-.0745016{col 26}{space 2}  .256468{col 37}{space 1}   -0.29{col 46}{space 3}0.772{col 54}{space 4}-.5787759{col 67}{space 3} .4297726
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.1862332{col 26}{space 2} .1865479{col 37}{space 1}   -1.00{col 46}{space 3}0.319{col 54}{space 4}-.5530285{col 67}{space 3} .1805621
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .0670178{col 26}{space 2} .1106994{col 37}{space 1}    0.61{col 46}{space 3}0.545{col 54}{space 4}-.1506423{col 67}{space 3} .2846779
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.0089597{col 26}{space 2} .1035301{col 37}{space 1}   -0.09{col 46}{space 3}0.931{col 54}{space 4}-.2125234{col 67}{space 3}  .194604
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .7668378{col 26}{space 2} .1277284{col 37}{space 1}    6.00{col 46}{space 3}0.000{col 54}{space 4} .5156949{col 67}{space 3} 1.017981
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.2977583{col 26}{space 2} .1159796{col 37}{space 1}   -2.57{col 46}{space 3}0.011{col 54}{space 4}-.5258003{col 67}{space 3}-.0697162
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7285627{col 26}{space 2} .0495289{col 37}{space 1}  -14.71{col 46}{space 3}0.000{col 54}{space 4}-.8259478{col 67}{space 3}-.6311776
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7111913{col 26}{space 2} .0550661{col 37}{space 1}  -12.92{col 46}{space 3}0.000{col 54}{space 4}-.8194638{col 67}{space 3}-.6029187
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6793321{col 26}{space 2} .0484037{col 37}{space 1}  -14.03{col 46}{space 3}0.000{col 54}{space 4}-.7745047{col 67}{space 3}-.5841595
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.8065282{col 26}{space 2} .0591313{col 37}{space 1}  -13.64{col 46}{space 3}0.000{col 54}{space 4}-.9227937{col 67}{space 3}-.6902627
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8165384{col 26}{space 2} .0454808{col 37}{space 1}  -17.95{col 46}{space 3}0.000{col 54}{space 4}-.9059639{col 67}{space 3}-.7271128
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7623531{col 26}{space 2}  .052032{col 37}{space 1}  -14.65{col 46}{space 3}0.000{col 54}{space 4}-.8646598{col 67}{space 3}-.6600464
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.9222447{col 26}{space 2} .0559503{col 37}{space 1}  -16.48{col 46}{space 3}0.000{col 54}{space 4}-1.032256{col 67}{space 3}-.8122339
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.295719{col 26}{space 2} 1.142905{col 37}{space 1}    2.88{col 46}{space 3}0.004{col 54}{space 4}  1.04851{col 67}{space 3} 5.542928
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (381 categories)

{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==2, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1954
{col 56}{help j_robustsingular:F( 54, 380)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3338
{txt}{col 56}Adj R-squared ={res}  0.1418
{txt}{col 56}Root MSE      = {res} .55103

{txt}{ralign 78:(Std. Err. adjusted for {res:381} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0552673{col 26}{space 2} .0524885{col 37}{space 1}    1.05{col 46}{space 3}0.293{col 54}{space 4} -.047937{col 67}{space 3} .1584717
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0711312{col 26}{space 2} .0461916{col 37}{space 1}   -1.54{col 46}{space 3}0.124{col 54}{space 4}-.1619544{col 67}{space 3}  .019692
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-6.45e-06{col 26}{space 2} 7.51e-06{col 37}{space 1}   -0.86{col 46}{space 3}0.391{col 54}{space 4}-.0000212{col 67}{space 3} 8.31e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0251778{col 26}{space 2} .0210765{col 37}{space 1}   -1.19{col 46}{space 3}0.233{col 54}{space 4} -.066619{col 67}{space 3} .0162633
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.5148793{col 26}{space 2} .3407118{col 37}{space 1}   -1.51{col 46}{space 3}0.132{col 54}{space 4}-1.184796{col 67}{space 3} .1550371
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0846808{col 26}{space 2} .0203654{col 37}{space 1}   -4.16{col 46}{space 3}0.000{col 54}{space 4}-.1247237{col 67}{space 3}-.0446378
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2699348{col 26}{space 2} .3835358{col 37}{space 1}   -0.70{col 46}{space 3}0.482{col 54}{space 4}-1.024053{col 67}{space 3} .4841835
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .1362529{col 26}{space 2} .2906176{col 37}{space 1}    0.47{col 46}{space 3}0.639{col 54}{space 4} -.435167{col 67}{space 3} .7076729
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0237394{col 26}{space 2} .0169523{col 37}{space 1}    1.40{col 46}{space 3}0.162{col 54}{space 4}-.0095926{col 67}{space 3} .0570715
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0043374{col 26}{space 2} .0013909{col 37}{space 1}    3.12{col 46}{space 3}0.002{col 54}{space 4} .0016026{col 67}{space 3} .0070721
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .1979204{col 26}{space 2}  .298518{col 37}{space 1}    0.66{col 46}{space 3}0.508{col 54}{space 4}-.3890335{col 67}{space 3} .7848743
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 4.03e-07{col 26}{space 2} 4.63e-07{col 37}{space 1}    0.87{col 46}{space 3}0.385{col 54}{space 4}-5.08e-07{col 67}{space 3} 1.31e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 8.45e-07{col 26}{space 2} 6.44e-07{col 37}{space 1}    1.31{col 46}{space 3}0.190{col 54}{space 4}-4.22e-07{col 67}{space 3} 2.11e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0165803{col 26}{space 2} .0192941{col 37}{space 1}   -0.86{col 46}{space 3}0.391{col 54}{space 4}-.0545168{col 67}{space 3} .0213563
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .8370958{col 26}{space 2} .2138879{col 37}{space 1}    3.91{col 46}{space 3}0.000{col 54}{space 4} .4165438{col 67}{space 3} 1.257648
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .9344561{col 26}{space 2} .2063981{col 37}{space 1}    4.53{col 46}{space 3}0.000{col 54}{space 4} .5286306{col 67}{space 3} 1.340282
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .8288013{col 26}{space 2} .2074615{col 37}{space 1}    3.99{col 46}{space 3}0.000{col 54}{space 4}  .420885{col 67}{space 3} 1.236718
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .9289582{col 26}{space 2} .2244427{col 37}{space 1}    4.14{col 46}{space 3}0.000{col 54}{space 4}  .487653{col 67}{space 3} 1.370263
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}  .843914{col 26}{space 2} .2104927{col 37}{space 1}    4.01{col 46}{space 3}0.000{col 54}{space 4} .4300377{col 67}{space 3}  1.25779
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .7783233{col 26}{space 2} .2113066{col 37}{space 1}    3.68{col 46}{space 3}0.000{col 54}{space 4} .3628467{col 67}{space 3}   1.1938
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} 1.321387{col 26}{space 2} .2632077{col 37}{space 1}    5.02{col 46}{space 3}0.000{col 54}{space 4} .8038607{col 67}{space 3} 1.838913
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .7462532{col 26}{space 2} .2036788{col 37}{space 1}    3.66{col 46}{space 3}0.000{col 54}{space 4} .3457746{col 67}{space 3} 1.146732
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .9187441{col 26}{space 2} .2031415{col 37}{space 1}    4.52{col 46}{space 3}0.000{col 54}{space 4} .5193219{col 67}{space 3} 1.318166
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0548928{col 26}{space 2} .1670039{col 37}{space 1}    0.33{col 46}{space 3}0.743{col 54}{space 4}-.2734748{col 67}{space 3} .3832604
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0891435{col 26}{space 2} .1713865{col 37}{space 1}   -0.52{col 46}{space 3}0.603{col 54}{space 4}-.4261282{col 67}{space 3} .2478413
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} -.128645{col 26}{space 2} .3160219{col 37}{space 1}   -0.41{col 46}{space 3}0.684{col 54}{space 4}-.7500156{col 67}{space 3} .4927256
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2} .6414781{col 26}{space 2} .1405522{col 37}{space 1}    4.56{col 46}{space 3}0.000{col 54}{space 4} .3651207{col 67}{space 3} .9178355
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0884126{col 26}{space 2} .1702087{col 37}{space 1}    0.52{col 46}{space 3}0.604{col 54}{space 4}-.2462563{col 67}{space 3} .4230815
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .8459166{col 26}{space 2} .1702453{col 37}{space 1}    4.97{col 46}{space 3}0.000{col 54}{space 4} .5111759{col 67}{space 3} 1.180657
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0789797{col 26}{space 2} .1289498{col 37}{space 1}    0.61{col 46}{space 3}0.541{col 54}{space 4}-.1745648{col 67}{space 3} .3325242
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .1235447{col 26}{space 2} .1395407{col 37}{space 1}    0.89{col 46}{space 3}0.377{col 54}{space 4}-.1508238{col 67}{space 3} .3979132
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .1149313{col 26}{space 2} .1347808{col 37}{space 1}    0.85{col 46}{space 3}0.394{col 54}{space 4}-.1500783{col 67}{space 3} .3799408
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0548278{col 26}{space 2} .4188493{col 37}{space 1}   -0.13{col 46}{space 3}0.896{col 54}{space 4}-.8783804{col 67}{space 3} .7687248
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0198458{col 26}{space 2} .1499343{col 37}{space 1}    0.13{col 46}{space 3}0.895{col 54}{space 4}-.2749589{col 67}{space 3} .3146505
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .2230576{col 26}{space 2} .2528375{col 37}{space 1}    0.88{col 46}{space 3}0.378{col 54}{space 4}-.2740782{col 67}{space 3} .7201934
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0999309{col 26}{space 2} .1395153{col 37}{space 1}    0.72{col 46}{space 3}0.474{col 54}{space 4}-.1743877{col 67}{space 3} .3742495
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.2705178{col 26}{space 2}   .20413{col 37}{space 1}   -1.33{col 46}{space 3}0.186{col 54}{space 4}-.6718836{col 67}{space 3} .1308481
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.0816106{col 26}{space 2} .2581937{col 37}{space 1}   -0.32{col 46}{space 3}0.752{col 54}{space 4}-.5892778{col 67}{space 3} .4260566
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}-.0146607{col 26}{space 2}  .230853{col 37}{space 1}   -0.06{col 46}{space 3}0.949{col 54}{space 4}  -.46857{col 67}{space 3} .4392485
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0929612{col 26}{space 2} .1376869{col 37}{space 1}    0.68{col 46}{space 3}0.500{col 54}{space 4}-.1777625{col 67}{space 3} .3636849
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .0378195{col 26}{space 2} .1912931{col 37}{space 1}    0.20{col 46}{space 3}0.843{col 54}{space 4}-.3383061{col 67}{space 3}  .413945
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.1888165{col 26}{space 2} .2129209{col 37}{space 1}   -0.89{col 46}{space 3}0.376{col 54}{space 4}-.6074672{col 67}{space 3} .2298343
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .0063321{col 26}{space 2} .2108325{col 37}{space 1}    0.03{col 46}{space 3}0.976{col 54}{space 4}-.4082124{col 67}{space 3} .4208765
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.2680794{col 26}{space 2} .1779133{col 37}{space 1}   -1.51{col 46}{space 3}0.133{col 54}{space 4}-.6178972{col 67}{space 3} .0817384
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .0397694{col 26}{space 2} .1627501{col 37}{space 1}    0.24{col 46}{space 3}0.807{col 54}{space 4}-.2802342{col 67}{space 3}  .359773
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.1653086{col 26}{space 2} .1968012{col 37}{space 1}   -0.84{col 46}{space 3}0.401{col 54}{space 4}-.5522644{col 67}{space 3} .2216472
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.0266873{col 26}{space 2} .1937559{col 37}{space 1}   -0.14{col 46}{space 3}0.891{col 54}{space 4}-.4076554{col 67}{space 3} .3542807
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.1676398{col 26}{space 2}  .199032{col 37}{space 1}   -0.84{col 46}{space 3}0.400{col 54}{space 4}-.5589817{col 67}{space 3} .2237021
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .8007584{col 26}{space 2} .1853116{col 37}{space 1}    4.32{col 46}{space 3}0.000{col 54}{space 4} .4363939{col 67}{space 3} 1.165123
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}   .16971{col 26}{space 2} .1646727{col 37}{space 1}    1.03{col 46}{space 3}0.303{col 54}{space 4}-.1540738{col 67}{space 3} .4934938
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6907791{col 26}{space 2} .0605545{col 37}{space 1}  -11.41{col 46}{space 3}0.000{col 54}{space 4} -.809843{col 67}{space 3}-.5717153
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6657712{col 26}{space 2} .0718866{col 37}{space 1}   -9.26{col 46}{space 3}0.000{col 54}{space 4}-.8071164{col 67}{space 3}-.5244259
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6205372{col 26}{space 2} .0625339{col 37}{space 1}   -9.92{col 46}{space 3}0.000{col 54}{space 4}-.7434931{col 67}{space 3}-.4975813
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7757134{col 26}{space 2} .0740935{col 37}{space 1}  -10.47{col 46}{space 3}0.000{col 54}{space 4}-.9213981{col 67}{space 3}-.6300287
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.8097832{col 26}{space 2} .0690255{col 37}{space 1}  -11.73{col 46}{space 3}0.000{col 54}{space 4} -.945503{col 67}{space 3}-.6740635
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7683349{col 26}{space 2} .0670455{col 37}{space 1}  -11.46{col 46}{space 3}0.000{col 54}{space 4}-.9001615{col 67}{space 3}-.6365083
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.9396419{col 26}{space 2} .0755107{col 37}{space 1}  -12.44{col 46}{space 3}0.000{col 54}{space 4}-1.088113{col 67}{space 3}-.7911706
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.298894{col 26}{space 2} 1.661538{col 37}{space 1}    1.99{col 46}{space 3}0.048{col 54}{space 4} .0319351{col 67}{space 3} 6.565853
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (381 categories)

{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==3, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1778
{col 56}{help j_robustsingular:F( 52, 373)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4435
{txt}{col 56}Adj R-squared ={res}  0.2669
{txt}{col 56}Root MSE      = {res} .39639

{txt}{ralign 78:(Std. Err. adjusted for {res:374} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.1043419{col 26}{space 2} .0488237{col 37}{space 1}   -2.14{col 46}{space 3}0.033{col 54}{space 4}-.2003462{col 67}{space 3}-.0083376
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0137871{col 26}{space 2} .0300725{col 37}{space 1}    0.46{col 46}{space 3}0.647{col 54}{space 4}-.0453458{col 67}{space 3} .0729201
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 3.93e-07{col 26}{space 2} 6.48e-06{col 37}{space 1}    0.06{col 46}{space 3}0.952{col 54}{space 4}-.0000123{col 67}{space 3} .0000131
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0305939{col 26}{space 2} .0182723{col 37}{space 1}   -1.67{col 46}{space 3}0.095{col 54}{space 4}-.0665236{col 67}{space 3} .0053358
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.6607077{col 26}{space 2} .2037247{col 37}{space 1}   -3.24{col 46}{space 3}0.001{col 54}{space 4}-1.061301{col 67}{space 3}-.2601149
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0921221{col 26}{space 2}  .015473{col 37}{space 1}   -5.95{col 46}{space 3}0.000{col 54}{space 4}-.1225473{col 67}{space 3}-.0616969
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2644002{col 26}{space 2} .3339081{col 37}{space 1}   -0.79{col 46}{space 3}0.429{col 54}{space 4}-.9209786{col 67}{space 3} .3921781
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.0691286{col 26}{space 2} .2399265{col 37}{space 1}   -0.29{col 46}{space 3}0.773{col 54}{space 4}-.5409068{col 67}{space 3} .4026496
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0320821{col 26}{space 2} .0104189{col 37}{space 1}    3.08{col 46}{space 3}0.002{col 54}{space 4} .0115949{col 67}{space 3} .0525692
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0056331{col 26}{space 2} .0011149{col 37}{space 1}    5.05{col 46}{space 3}0.000{col 54}{space 4} .0034408{col 67}{space 3} .0078254
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .1766464{col 26}{space 2} .2401113{col 37}{space 1}    0.74{col 46}{space 3}0.462{col 54}{space 4}-.2954951{col 67}{space 3} .6487878
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 5.23e-07{col 26}{space 2} 4.97e-07{col 37}{space 1}    1.05{col 46}{space 3}0.294{col 54}{space 4}-4.55e-07{col 67}{space 3} 1.50e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2}-1.35e-07{col 26}{space 2} 5.85e-07{col 37}{space 1}   -0.23{col 46}{space 3}0.818{col 54}{space 4}-1.29e-06{col 67}{space 3} 1.02e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0163135{col 26}{space 2} .0328601{col 37}{space 1}    0.50{col 46}{space 3}0.620{col 54}{space 4}-.0483008{col 67}{space 3} .0809278
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.1576909{col 26}{space 2} .2648966{col 37}{space 1}   -0.60{col 46}{space 3}0.552{col 54}{space 4}-.6785687{col 67}{space 3}  .363187
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.0916996{col 26}{space 2} .2549111{col 37}{space 1}   -0.36{col 46}{space 3}0.719{col 54}{space 4}-.5929427{col 67}{space 3} .4095434
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0601908{col 26}{space 2} .2515699{col 37}{space 1}   -0.24{col 46}{space 3}0.811{col 54}{space 4}-.5548639{col 67}{space 3} .4344822
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.1240862{col 26}{space 2} .2650746{col 37}{space 1}   -0.47{col 46}{space 3}0.640{col 54}{space 4}-.6453142{col 67}{space 3} .3971417
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.1110449{col 26}{space 2} .2543736{col 37}{space 1}   -0.44{col 46}{space 3}0.663{col 54}{space 4} -.611231{col 67}{space 3} .3891412
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.1431154{col 26}{space 2} .2571443{col 37}{space 1}   -0.56{col 46}{space 3}0.578{col 54}{space 4}-.6487496{col 67}{space 3} .3625189
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.4698079{col 26}{space 2} .2638557{col 37}{space 1}   -1.78{col 46}{space 3}0.076{col 54}{space 4}-.9886391{col 67}{space 3} .0490233
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.1204869{col 26}{space 2} .2551118{col 37}{space 1}   -0.47{col 46}{space 3}0.637{col 54}{space 4}-.6221247{col 67}{space 3} .3811508
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.1078316{col 26}{space 2} .2522987{col 37}{space 1}   -0.43{col 46}{space 3}0.669{col 54}{space 4}-.6039377{col 67}{space 3} .3882745
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.1563313{col 26}{space 2} .1435914{col 37}{space 1}   -1.09{col 46}{space 3}0.277{col 54}{space 4}-.4386815{col 67}{space 3} .1260189
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.2004382{col 26}{space 2} .1105333{col 37}{space 1}   -1.81{col 46}{space 3}0.071{col 54}{space 4}-.4177847{col 67}{space 3} .0169082
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.1626531{col 26}{space 2} .2485773{col 37}{space 1}   -0.65{col 46}{space 3}0.513{col 54}{space 4}-.6514417{col 67}{space 3} .3261355
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2}-.1343491{col 26}{space 2} .1239287{col 37}{space 1}   -1.08{col 46}{space 3}0.279{col 54}{space 4}-.3780355{col 67}{space 3} .1093374
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0091046{col 26}{space 2} .1125825{col 37}{space 1}   -0.08{col 46}{space 3}0.936{col 54}{space 4}-.2304806{col 67}{space 3} .2122714
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .4486777{col 26}{space 2} .2961791{col 37}{space 1}    1.51{col 46}{space 3}0.131{col 54}{space 4}-.1337124{col 67}{space 3} 1.031068
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} -.151395{col 26}{space 2} .0977194{col 37}{space 1}   -1.55{col 46}{space 3}0.122{col 54}{space 4} -.343545{col 67}{space 3} .0407549
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0283542{col 26}{space 2} .0864078{col 37}{space 1}   -0.33{col 46}{space 3}0.743{col 54}{space 4}-.1982617{col 67}{space 3} .1415533
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.0927861{col 26}{space 2} .0839168{col 37}{space 1}   -1.11{col 46}{space 3}0.270{col 54}{space 4}-.2577955{col 67}{space 3} .0722233
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0745719{col 26}{space 2} .1632627{col 37}{space 1}   -0.46{col 46}{space 3}0.648{col 54}{space 4}-.3956025{col 67}{space 3} .2464588
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}  -.17003{col 26}{space 2} .0912878{col 37}{space 1}   -1.86{col 46}{space 3}0.063{col 54}{space 4}-.3495333{col 67}{space 3} .0094733
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .2130041{col 26}{space 2} .1348631{col 37}{space 1}    1.58{col 46}{space 3}0.115{col 54}{space 4}-.0521832{col 67}{space 3} .4781914
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.1038189{col 26}{space 2} .0844474{col 37}{space 1}   -1.23{col 46}{space 3}0.220{col 54}{space 4}-.2698716{col 67}{space 3} .0622338
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.0353382{col 26}{space 2} .2154188{col 37}{space 1}   -0.16{col 46}{space 3}0.870{col 54}{space 4}-.4589258{col 67}{space 3} .3882493
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.1238115{col 26}{space 2} .1181459{col 37}{space 1}   -1.05{col 46}{space 3}0.295{col 54}{space 4}-.3561269{col 67}{space 3}  .108504
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .1148749{col 26}{space 2} .1832541{col 37}{space 1}    0.63{col 46}{space 3}0.531{col 54}{space 4}-.2454657{col 67}{space 3} .4752156
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.0915905{col 26}{space 2}  .097445{col 37}{space 1}   -0.94{col 46}{space 3}0.348{col 54}{space 4} -.283201{col 67}{space 3}   .10002
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.1834851{col 26}{space 2} .0953221{col 37}{space 1}   -1.92{col 46}{space 3}0.055{col 54}{space 4}-.3709212{col 67}{space 3}  .003951
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.0406651{col 26}{space 2} .2140679{col 37}{space 1}   -0.19{col 46}{space 3}0.849{col 54}{space 4}-.4615964{col 67}{space 3} .3802661
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .0468267{col 26}{space 2}  .237333{col 37}{space 1}    0.20{col 46}{space 3}0.844{col 54}{space 4}-.4198517{col 67}{space 3} .5135052
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .3211718{col 26}{space 2} .4000911{col 37}{space 1}    0.80{col 46}{space 3}0.423{col 54}{space 4}-.4655451{col 67}{space 3} 1.107889
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.0828809{col 26}{space 2} .2956216{col 37}{space 1}   -0.28{col 46}{space 3}0.779{col 54}{space 4}-.6641747{col 67}{space 3} .4984129
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .1908193{col 26}{space 2} .2059679{col 37}{space 1}    0.93{col 46}{space 3}0.355{col 54}{space 4}-.2141845{col 67}{space 3} .5958231
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2} .7615756{col 26}{space 2} .1321439{col 37}{space 1}    5.76{col 46}{space 3}0.000{col 54}{space 4} .5017351{col 67}{space 3} 1.021416
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-1.048242{col 26}{space 2} .1276509{col 37}{space 1}   -8.21{col 46}{space 3}0.000{col 54}{space 4}-1.299248{col 67}{space 3}-.7972366
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.739002{col 26}{space 2}  .055217{col 37}{space 1}  -13.38{col 46}{space 3}0.000{col 54}{space 4}-.8475777{col 67}{space 3}-.6304264
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7470604{col 26}{space 2} .0551257{col 37}{space 1}  -13.55{col 46}{space 3}0.000{col 54}{space 4}-.8554564{col 67}{space 3}-.6386643
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6098154{col 26}{space 2} .0466382{col 37}{space 1}  -13.08{col 46}{space 3}0.000{col 54}{space 4}-.7015222{col 67}{space 3}-.5181085
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7627451{col 26}{space 2} .0559164{col 37}{space 1}  -13.64{col 46}{space 3}0.000{col 54}{space 4} -.872696{col 67}{space 3}-.6527942
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6741658{col 26}{space 2} .0674902{col 37}{space 1}   -9.99{col 46}{space 3}0.000{col 54}{space 4}-.8068748{col 67}{space 3}-.5414569
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6002823{col 26}{space 2} .0619932{col 37}{space 1}   -9.68{col 46}{space 3}0.000{col 54}{space 4}-.7221824{col 67}{space 3}-.4783823
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7421233{col 26}{space 2} .0632542{col 37}{space 1}  -11.73{col 46}{space 3}0.000{col 54}{space 4}-.8665027{col 67}{space 3}-.6177438
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.104594{col 26}{space 2} 1.044222{col 37}{space 1}    4.89{col 46}{space 3}0.000{col 54}{space 4} 3.051295{col 67}{space 3} 7.157893
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (374 categories)

{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==3, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1778
{col 56}{help j_robustsingular:F( 52, 373)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4445
{txt}{col 56}Adj R-squared ={res}  0.2683
{txt}{col 56}Root MSE      = {res} .39212

{txt}{ralign 78:(Std. Err. adjusted for {res:374} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.1209597{col 26}{space 2} .0427014{col 37}{space 1}   -2.83{col 46}{space 3}0.005{col 54}{space 4}-.2049254{col 67}{space 3}-.0369941
{txt}{space 9}ece {c |}{col 14}{res}{space 2}   .00063{col 26}{space 2} .0290865{col 37}{space 1}    0.02{col 46}{space 3}0.983{col 54}{space 4}-.0565641{col 67}{space 3} .0578241
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-2.96e-06{col 26}{space 2} 5.46e-06{col 37}{space 1}   -0.54{col 46}{space 3}0.588{col 54}{space 4}-.0000137{col 67}{space 3} 7.77e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0261866{col 26}{space 2} .0183801{col 37}{space 1}   -1.42{col 46}{space 3}0.155{col 54}{space 4}-.0623281{col 67}{space 3}  .009955
{txt}{space 3}logassets {c |}{col 14}{res}{space 2} -.464157{col 26}{space 2} .2063532{col 37}{space 1}   -2.25{col 46}{space 3}0.025{col 54}{space 4}-.8699184{col 67}{space 3}-.0583956
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0928709{col 26}{space 2} .0145799{col 37}{space 1}   -6.37{col 46}{space 3}0.000{col 54}{space 4}  -.12154{col 67}{space 3}-.0642018
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2610536{col 26}{space 2} .3019858{col 37}{space 1}   -0.86{col 46}{space 3}0.388{col 54}{space 4}-.8548617{col 67}{space 3} .3327545
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} -.154301{col 26}{space 2} .2469614{col 37}{space 1}   -0.62{col 46}{space 3}0.532{col 54}{space 4}-.6399121{col 67}{space 3} .3313102
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0221371{col 26}{space 2} .0104126{col 37}{space 1}    2.13{col 46}{space 3}0.034{col 54}{space 4} .0016624{col 67}{space 3} .0426119
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0056835{col 26}{space 2}  .001022{col 37}{space 1}    5.56{col 46}{space 3}0.000{col 54}{space 4} .0036739{col 67}{space 3} .0076931
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .2337319{col 26}{space 2} .2469519{col 37}{space 1}    0.95{col 46}{space 3}0.345{col 54}{space 4}-.2518605{col 67}{space 3} .7193243
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 5.29e-07{col 26}{space 2} 4.18e-07{col 37}{space 1}    1.27{col 46}{space 3}0.206{col 54}{space 4}-2.92e-07{col 67}{space 3} 1.35e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 7.41e-07{col 26}{space 2} 5.90e-07{col 37}{space 1}    1.25{col 46}{space 3}0.210{col 54}{space 4}-4.20e-07{col 67}{space 3} 1.90e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} -.002803{col 26}{space 2}   .03433{col 37}{space 1}   -0.08{col 46}{space 3}0.935{col 54}{space 4}-.0703077{col 67}{space 3} .0647017
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.2309522{col 26}{space 2} .2151609{col 37}{space 1}   -1.07{col 46}{space 3}0.284{col 54}{space 4}-.6540327{col 67}{space 3} .1921283
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.1417782{col 26}{space 2} .2010868{col 37}{space 1}   -0.71{col 46}{space 3}0.481{col 54}{space 4} -.537184{col 67}{space 3} .2536276
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.1260463{col 26}{space 2} .2000707{col 37}{space 1}   -0.63{col 46}{space 3}0.529{col 54}{space 4}-.5194542{col 67}{space 3} .2673617
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.1800201{col 26}{space 2} .2184477{col 37}{space 1}   -0.82{col 46}{space 3}0.410{col 54}{space 4}-.6095635{col 67}{space 3} .2495233
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.1562054{col 26}{space 2} .2052522{col 37}{space 1}   -0.76{col 46}{space 3}0.447{col 54}{space 4} -.559802{col 67}{space 3} .2473911
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.1659334{col 26}{space 2} .2085838{col 37}{space 1}   -0.80{col 46}{space 3}0.427{col 54}{space 4}-.5760809{col 67}{space 3} .2442141
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.4423796{col 26}{space 2} .2253048{col 37}{space 1}   -1.96{col 46}{space 3}0.050{col 54}{space 4}-.8854063{col 67}{space 3} .0006471
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.1645847{col 26}{space 2} .2081964{col 37}{space 1}   -0.79{col 46}{space 3}0.430{col 54}{space 4}-.5739706{col 67}{space 3} .2448011
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.1431449{col 26}{space 2} .1998847{col 37}{space 1}   -0.72{col 46}{space 3}0.474{col 54}{space 4} -.536187{col 67}{space 3} .2498972
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0854454{col 26}{space 2} .1461276{col 37}{space 1}   -0.58{col 46}{space 3}0.559{col 54}{space 4}-.3727826{col 67}{space 3} .2018919
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.1671723{col 26}{space 2} .1032824{col 37}{space 1}   -1.62{col 46}{space 3}0.106{col 54}{space 4} -.370261{col 67}{space 3} .0359165
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.0503769{col 26}{space 2} .3459906{col 37}{space 1}   -0.15{col 46}{space 3}0.884{col 54}{space 4}-.7307135{col 67}{space 3} .6299597
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2}-.0940632{col 26}{space 2} .1224411{col 37}{space 1}   -0.77{col 46}{space 3}0.443{col 54}{space 4}-.3348244{col 67}{space 3} .1466981
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0496816{col 26}{space 2} .1211948{col 37}{space 1}    0.41{col 46}{space 3}0.682{col 54}{space 4}-.1886292{col 67}{space 3} .2879923
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .4375412{col 26}{space 2} .2377862{col 37}{space 1}    1.84{col 46}{space 3}0.067{col 54}{space 4}-.0300282{col 67}{space 3} .9051107
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.1408179{col 26}{space 2} .0995089{col 37}{space 1}   -1.42{col 46}{space 3}0.158{col 54}{space 4}-.3364867{col 67}{space 3}  .054851
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0045074{col 26}{space 2} .0866256{col 37}{space 1}    0.05{col 46}{space 3}0.959{col 54}{space 4}-.1658284{col 67}{space 3} .1748432
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} -.073232{col 26}{space 2} .0827331{col 37}{space 1}   -0.89{col 46}{space 3}0.377{col 54}{space 4}-.2359137{col 67}{space 3} .0894496
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0373507{col 26}{space 2} .1460786{col 37}{space 1}   -0.26{col 46}{space 3}0.798{col 54}{space 4}-.3245915{col 67}{space 3} .2498902
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.1310182{col 26}{space 2} .0907079{col 37}{space 1}   -1.44{col 46}{space 3}0.149{col 54}{space 4}-.3093811{col 67}{space 3} .0473447
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .1761032{col 26}{space 2} .1672487{col 37}{space 1}    1.05{col 46}{space 3}0.293{col 54}{space 4}-.1527653{col 67}{space 3} .5049717
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.0786972{col 26}{space 2} .0824243{col 37}{space 1}   -0.95{col 46}{space 3}0.340{col 54}{space 4}-.2407717{col 67}{space 3} .0833773
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.0091762{col 26}{space 2} .2106686{col 37}{space 1}   -0.04{col 46}{space 3}0.965{col 54}{space 4}-.4234231{col 67}{space 3} .4050708
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.0826253{col 26}{space 2} .1062175{col 37}{space 1}   -0.78{col 46}{space 3}0.437{col 54}{space 4}-.2914855{col 67}{space 3} .1262348
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .0994848{col 26}{space 2} .1598588{col 37}{space 1}    0.62{col 46}{space 3}0.534{col 54}{space 4}-.2148526{col 67}{space 3} .4138221
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.0672315{col 26}{space 2} .0921985{col 37}{space 1}   -0.73{col 46}{space 3}0.466{col 54}{space 4}-.2485254{col 67}{space 3} .1140624
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.2136414{col 26}{space 2} .0851125{col 37}{space 1}   -2.51{col 46}{space 3}0.012{col 54}{space 4}-.3810018{col 67}{space 3} -.046281
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.0261505{col 26}{space 2} .1877018{col 37}{space 1}   -0.14{col 46}{space 3}0.889{col 54}{space 4}-.3952369{col 67}{space 3} .3429358
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .0824299{col 26}{space 2} .2285128{col 37}{space 1}    0.36{col 46}{space 3}0.719{col 54}{space 4} -.366905{col 67}{space 3} .5317648
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .3331622{col 26}{space 2} .3533979{col 37}{space 1}    0.94{col 46}{space 3}0.346{col 54}{space 4}-.3617397{col 67}{space 3} 1.028064
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.3167115{col 26}{space 2} .2505718{col 37}{space 1}   -1.26{col 46}{space 3}0.207{col 54}{space 4} -.809422{col 67}{space 3} .1759989
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .1807477{col 26}{space 2}  .156265{col 37}{space 1}    1.16{col 46}{space 3}0.248{col 54}{space 4}-.1265232{col 67}{space 3} .4880186
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2}  .721562{col 26}{space 2} .1224775{col 37}{space 1}    5.89{col 46}{space 3}0.000{col 54}{space 4} .4807291{col 67}{space 3} .9623949
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-1.068682{col 26}{space 2} .1183201{col 37}{space 1}   -9.03{col 46}{space 3}0.000{col 54}{space 4} -1.30134{col 67}{space 3}-.8360239
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7357946{col 26}{space 2}  .054413{col 37}{space 1}  -13.52{col 46}{space 3}0.000{col 54}{space 4}-.8427893{col 67}{space 3}-.6287998
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2} -.738316{col 26}{space 2} .0522399{col 37}{space 1}  -14.13{col 46}{space 3}0.000{col 54}{space 4}-.8410376{col 67}{space 3}-.6355943
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5797789{col 26}{space 2} .0446194{col 37}{space 1}  -12.99{col 46}{space 3}0.000{col 54}{space 4}-.6675159{col 67}{space 3}-.4920419
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7498014{col 26}{space 2} .0545834{col 37}{space 1}  -13.74{col 46}{space 3}0.000{col 54}{space 4}-.8571311{col 67}{space 3}-.6424716
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6526062{col 26}{space 2} .0627983{col 37}{space 1}  -10.39{col 46}{space 3}0.000{col 54}{space 4}-.7760893{col 67}{space 3} -.529123
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.5870035{col 26}{space 2} .0586128{col 37}{space 1}  -10.01{col 46}{space 3}0.000{col 54}{space 4}-.7022565{col 67}{space 3}-.4717505
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7198582{col 26}{space 2} .0603369{col 37}{space 1}  -11.93{col 46}{space 3}0.000{col 54}{space 4}-.8385013{col 67}{space 3}-.6012151
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.144086{col 26}{space 2} 1.042245{col 37}{space 1}    3.98{col 46}{space 3}0.000{col 54}{space 4} 2.094673{col 67}{space 3} 6.193498
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (374 categories)

{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==3, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__62 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1778
{col 56}{help j_robustsingular:F( 52, 373)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3815
{txt}{col 56}Adj R-squared ={res}  0.1853
{txt}{col 56}Root MSE      = {res} .51855

{txt}{ralign 78:(Std. Err. adjusted for {res:374} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.1736385{col 26}{space 2} .0479687{col 37}{space 1}   -3.62{col 46}{space 3}0.000{col 54}{space 4}-.2679614{col 67}{space 3}-.0793156
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0352635{col 26}{space 2} .0346511{col 37}{space 1}    1.02{col 46}{space 3}0.309{col 54}{space 4}-.0328725{col 67}{space 3} .1033994
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-1.95e-06{col 26}{space 2} 6.69e-06{col 37}{space 1}   -0.29{col 46}{space 3}0.771{col 54}{space 4}-.0000151{col 67}{space 3} .0000112
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0266142{col 26}{space 2} .0236363{col 37}{space 1}   -1.13{col 46}{space 3}0.261{col 54}{space 4}-.0730913{col 67}{space 3} .0198629
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.2551638{col 26}{space 2} .2652266{col 37}{space 1}   -0.96{col 46}{space 3}0.337{col 54}{space 4}-.7766907{col 67}{space 3} .2663631
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0774278{col 26}{space 2} .0180307{col 37}{space 1}   -4.29{col 46}{space 3}0.000{col 54}{space 4}-.1128824{col 67}{space 3}-.0419732
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.6396829{col 26}{space 2} .3942402{col 37}{space 1}   -1.62{col 46}{space 3}0.106{col 54}{space 4}-1.414895{col 67}{space 3}  .135529
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.5208969{col 26}{space 2} .3008939{col 37}{space 1}   -1.73{col 46}{space 3}0.084{col 54}{space 4}-1.112558{col 67}{space 3} .0707641
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0122116{col 26}{space 2} .0135628{col 37}{space 1}    0.90{col 46}{space 3}0.369{col 54}{space 4}-.0144576{col 67}{space 3} .0388807
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0050121{col 26}{space 2} .0011903{col 37}{space 1}    4.21{col 46}{space 3}0.000{col 54}{space 4} .0026715{col 67}{space 3} .0073527
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .8271041{col 26}{space 2} .3149314{col 37}{space 1}    2.63{col 46}{space 3}0.009{col 54}{space 4} .2078405{col 67}{space 3} 1.446368
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 9.88e-07{col 26}{space 2} 5.52e-07{col 37}{space 1}    1.79{col 46}{space 3}0.074{col 54}{space 4}-9.77e-08{col 67}{space 3} 2.07e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 1.54e-06{col 26}{space 2} 8.58e-07{col 37}{space 1}    1.79{col 46}{space 3}0.074{col 54}{space 4}-1.52e-07{col 67}{space 3} 3.22e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0084548{col 26}{space 2} .0454501{col 37}{space 1}   -0.19{col 46}{space 3}0.853{col 54}{space 4}-.0978254{col 67}{space 3} .0809158
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.1006904{col 26}{space 2} .3341228{col 37}{space 1}   -0.30{col 46}{space 3}0.763{col 54}{space 4}-.7576908{col 67}{space 3}   .55631
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.0139147{col 26}{space 2} .3114205{col 37}{space 1}   -0.04{col 46}{space 3}0.964{col 54}{space 4}-.6262747{col 67}{space 3} .5984453
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0203531{col 26}{space 2} .3084634{col 37}{space 1}   -0.07{col 46}{space 3}0.947{col 54}{space 4}-.6268983{col 67}{space 3} .5861922
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.0783552{col 26}{space 2} .3305415{col 37}{space 1}   -0.24{col 46}{space 3}0.813{col 54}{space 4}-.7283136{col 67}{space 3} .5716032
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}  -.02836{col 26}{space 2} .3085841{col 37}{space 1}   -0.09{col 46}{space 3}0.927{col 54}{space 4}-.6351427{col 67}{space 3} .5784227
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.1145161{col 26}{space 2} .3094407{col 37}{space 1}   -0.37{col 46}{space 3}0.712{col 54}{space 4}-.7229829{col 67}{space 3} .4939508
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.2520538{col 26}{space 2} .3253208{col 37}{space 1}   -0.77{col 46}{space 3}0.439{col 54}{space 4}-.8917465{col 67}{space 3} .3876389
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.0165965{col 26}{space 2} .3213826{col 37}{space 1}   -0.05{col 46}{space 3}0.959{col 54}{space 4}-.6485453{col 67}{space 3} .6153523
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.0379739{col 26}{space 2}  .303582{col 37}{space 1}   -0.13{col 46}{space 3}0.901{col 54}{space 4}-.6349205{col 67}{space 3} .5589728
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0025961{col 26}{space 2} .1836809{col 37}{space 1}   -0.01{col 46}{space 3}0.989{col 54}{space 4}-.3637759{col 67}{space 3} .3585838
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.1579722{col 26}{space 2} .1729857{col 37}{space 1}   -0.91{col 46}{space 3}0.362{col 54}{space 4}-.4981217{col 67}{space 3} .1821774
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.1055468{col 26}{space 2} .5627959{col 37}{space 1}   -0.19{col 46}{space 3}0.851{col 54}{space 4}-1.212197{col 67}{space 3} 1.001104
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2}-.0281785{col 26}{space 2} .1629791{col 37}{space 1}   -0.17{col 46}{space 3}0.863{col 54}{space 4}-.3486515{col 67}{space 3} .2922945
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .1006627{col 26}{space 2}  .138482{col 37}{space 1}    0.73{col 46}{space 3}0.468{col 54}{space 4}-.1716405{col 67}{space 3} .3729659
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .4641977{col 26}{space 2} .2618421{col 37}{space 1}    1.77{col 46}{space 3}0.077{col 54}{space 4}-.0506739{col 67}{space 3} .9790693
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.1349375{col 26}{space 2} .1201972{col 37}{space 1}   -1.12{col 46}{space 3}0.262{col 54}{space 4}-.3712866{col 67}{space 3} .1014117
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0574591{col 26}{space 2} .1151498{col 37}{space 1}    0.50{col 46}{space 3}0.618{col 54}{space 4}-.1689651{col 67}{space 3} .2838833
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} -.002814{col 26}{space 2} .1195775{col 37}{space 1}   -0.02{col 46}{space 3}0.981{col 54}{space 4}-.2379446{col 67}{space 3} .2323166
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .1714562{col 26}{space 2} .1609422{col 37}{space 1}    1.07{col 46}{space 3}0.287{col 54}{space 4}-.1450116{col 67}{space 3}  .487924
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0963507{col 26}{space 2} .1194258{col 37}{space 1}   -0.81{col 46}{space 3}0.420{col 54}{space 4}-.3311828{col 67}{space 3} .1384815
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .2852672{col 26}{space 2} .1745555{col 37}{space 1}    1.63{col 46}{space 3}0.103{col 54}{space 4}-.0579691{col 67}{space 3} .6285035
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.0214615{col 26}{space 2}  .125114{col 37}{space 1}   -0.17{col 46}{space 3}0.864{col 54}{space 4}-.2674787{col 67}{space 3} .2245557
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.0863324{col 26}{space 2} .3106278{col 37}{space 1}   -0.28{col 46}{space 3}0.781{col 54}{space 4}-.6971335{col 67}{space 3} .5244687
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.0549572{col 26}{space 2} .2416218{col 37}{space 1}   -0.23{col 46}{space 3}0.820{col 54}{space 4}-.5300689{col 67}{space 3} .4201544
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .1154464{col 26}{space 2} .2526784{col 37}{space 1}    0.46{col 46}{space 3}0.648{col 54}{space 4}-.3814064{col 67}{space 3} .6122992
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0018859{col 26}{space 2} .1273972{col 37}{space 1}    0.01{col 46}{space 3}0.988{col 54}{space 4}-.2486209{col 67}{space 3} .2523926
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.2377654{col 26}{space 2} .1151044{col 37}{space 1}   -2.07{col 46}{space 3}0.040{col 54}{space 4}-.4641003{col 67}{space 3}-.0114305
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.0118443{col 26}{space 2} .2441968{col 37}{space 1}   -0.05{col 46}{space 3}0.961{col 54}{space 4}-.4920193{col 67}{space 3} .4683307
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .2055877{col 26}{space 2} .2553594{col 37}{space 1}    0.81{col 46}{space 3}0.421{col 54}{space 4}-.2965369{col 67}{space 3} .7077122
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .3222885{col 26}{space 2} .4125605{col 37}{space 1}    0.78{col 46}{space 3}0.435{col 54}{space 4}-.4889475{col 67}{space 3} 1.133524
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.4051845{col 26}{space 2} .4429428{col 37}{space 1}   -0.91{col 46}{space 3}0.361{col 54}{space 4}-1.276163{col 67}{space 3} .4657936
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .2587409{col 26}{space 2} .1808982{col 37}{space 1}    1.43{col 46}{space 3}0.153{col 54}{space 4}-.0969673{col 67}{space 3}  .614449
{txt}_Iprovinc~62 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2} .8813509{col 26}{space 2} .1503932{col 37}{space 1}    5.86{col 46}{space 3}0.000{col 54}{space 4} .5856262{col 67}{space 3} 1.177076
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.9719176{col 26}{space 2} .1449645{col 37}{space 1}   -6.70{col 46}{space 3}0.000{col 54}{space 4}-1.256968{col 67}{space 3}-.6868674
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7393277{col 26}{space 2} .0711686{col 37}{space 1}  -10.39{col 46}{space 3}0.000{col 54}{space 4}-.8792696{col 67}{space 3}-.5993858
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7766722{col 26}{space 2} .0677933{col 37}{space 1}  -11.46{col 46}{space 3}0.000{col 54}{space 4}-.9099772{col 67}{space 3}-.6433671
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5713059{col 26}{space 2}  .059301{col 37}{space 1}   -9.63{col 46}{space 3}0.000{col 54}{space 4}-.6879121{col 67}{space 3}-.4546997
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7183453{col 26}{space 2} .0765335{col 37}{space 1}   -9.39{col 46}{space 3}0.000{col 54}{space 4}-.8688365{col 67}{space 3}-.5678541
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6184197{col 26}{space 2} .0794093{col 37}{space 1}   -7.79{col 46}{space 3}0.000{col 54}{space 4}-.7745658{col 67}{space 3}-.4622736
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.5649875{col 26}{space 2} .0711688{col 37}{space 1}   -7.94{col 46}{space 3}0.000{col 54}{space 4}-.7049299{col 67}{space 3}-.4250452
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7304634{col 26}{space 2} .0786846{col 37}{space 1}   -9.28{col 46}{space 3}0.000{col 54}{space 4}-.8851844{col 67}{space 3}-.5757423
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 2.867292{col 26}{space 2} 1.344702{col 37}{space 1}    2.13{col 46}{space 3}0.034{col 54}{space 4} .2231449{col 67}{space 3} 5.511438
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (374 categories)

{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==4, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1826
{col 56}{help j_robustsingular:F( 52, 389)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4842
{txt}{col 56}Adj R-squared ={res}  0.3183
{txt}{col 56}Root MSE      = {res} .35212

{txt}{ralign 78:(Std. Err. adjusted for {res:390} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0055445{col 26}{space 2}  .037689{col 37}{space 1}    0.15{col 46}{space 3}0.883{col 54}{space 4}-.0685552{col 67}{space 3} .0796442
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0098152{col 26}{space 2} .0335248{col 37}{space 1}    0.29{col 46}{space 3}0.770{col 54}{space 4}-.0560974{col 67}{space 3} .0757277
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 1.56e-06{col 26}{space 2} 5.38e-06{col 37}{space 1}    0.29{col 46}{space 3}0.772{col 54}{space 4}-9.02e-06{col 67}{space 3} .0000121
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0068019{col 26}{space 2} .0073963{col 37}{space 1}   -0.92{col 46}{space 3}0.358{col 54}{space 4}-.0213437{col 67}{space 3} .0077399
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.6332436{col 26}{space 2} .1863503{col 37}{space 1}   -3.40{col 46}{space 3}0.001{col 54}{space 4}-.9996235{col 67}{space 3}-.2668637
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0752761{col 26}{space 2} .0180201{col 37}{space 1}   -4.18{col 46}{space 3}0.000{col 54}{space 4} -.110705{col 67}{space 3}-.0398471
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .3125348{col 26}{space 2} .2915325{col 37}{space 1}    1.07{col 46}{space 3}0.284{col 54}{space 4}-.2606417{col 67}{space 3} .8857112
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.2667566{col 26}{space 2} .1943689{col 37}{space 1}   -1.37{col 46}{space 3}0.171{col 54}{space 4}-.6489017{col 67}{space 3} .1153884
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2}  .028566{col 26}{space 2} .0092865{col 37}{space 1}    3.08{col 46}{space 3}0.002{col 54}{space 4}  .010308{col 67}{space 3} .0468241
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0039866{col 26}{space 2} .0010804{col 37}{space 1}    3.69{col 46}{space 3}0.000{col 54}{space 4} .0018626{col 67}{space 3} .0061107
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}  .350045{col 26}{space 2} .1868859{col 37}{space 1}    1.87{col 46}{space 3}0.062{col 54}{space 4}-.0173878{col 67}{space 3} .7174778
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-7.72e-07{col 26}{space 2} 4.33e-07{col 37}{space 1}   -1.78{col 46}{space 3}0.075{col 54}{space 4}-1.62e-06{col 67}{space 3} 7.85e-08
{txt}{space 6}export {c |}{col 14}{res}{space 2}-5.00e-07{col 26}{space 2} 4.36e-07{col 37}{space 1}   -1.15{col 46}{space 3}0.252{col 54}{space 4}-1.36e-06{col 67}{space 3} 3.56e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0593906{col 26}{space 2} .0366321{col 37}{space 1}   -1.62{col 46}{space 3}0.106{col 54}{space 4}-.1314123{col 67}{space 3} .0126312
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .0722205{col 26}{space 2} .1332101{col 37}{space 1}    0.54{col 46}{space 3}0.588{col 54}{space 4}-.1896814{col 67}{space 3} .3341224
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}  .123769{col 26}{space 2} .1165595{col 37}{space 1}    1.06{col 46}{space 3}0.289{col 54}{space 4}-.1053965{col 67}{space 3} .3529344
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .0401021{col 26}{space 2} .1161279{col 37}{space 1}    0.35{col 46}{space 3}0.730{col 54}{space 4}-.1882147{col 67}{space 3} .2684188
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.0308154{col 26}{space 2} .1428283{col 37}{space 1}   -0.22{col 46}{space 3}0.829{col 54}{space 4}-.3116274{col 67}{space 3} .2499967
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .0799793{col 26}{space 2} .1085366{col 37}{space 1}    0.74{col 46}{space 3}0.462{col 54}{space 4}-.1334123{col 67}{space 3}  .293371
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .2001235{col 26}{space 2} .1231384{col 37}{space 1}    1.63{col 46}{space 3}0.105{col 54}{space 4}-.0419767{col 67}{space 3} .4422236
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} .2565276{col 26}{space 2}  .199625{col 37}{space 1}    1.29{col 46}{space 3}0.200{col 54}{space 4}-.1359514{col 67}{space 3} .6490066
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1469405{col 26}{space 2} .1139583{col 37}{space 1}    1.29{col 46}{space 3}0.198{col 54}{space 4}-.0771109{col 67}{space 3} .3709918
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .0937727{col 26}{space 2} .1112296{col 37}{space 1}    0.84{col 46}{space 3}0.400{col 54}{space 4}-.1249138{col 67}{space 3} .3124592
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .1084251{col 26}{space 2} .1035051{col 37}{space 1}    1.05{col 46}{space 3}0.296{col 54}{space 4}-.0950743{col 67}{space 3} .3119246
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .1605652{col 26}{space 2} .1210245{col 37}{space 1}    1.33{col 46}{space 3}0.185{col 54}{space 4}-.0773788{col 67}{space 3} .3985092
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .2027673{col 26}{space 2} .1115708{col 37}{space 1}    1.82{col 46}{space 3}0.070{col 54}{space 4}-.0165899{col 67}{space 3} .4221245
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .8627615{col 26}{space 2} .1141044{col 37}{space 1}    7.56{col 46}{space 3}0.000{col 54}{space 4}  .638423{col 67}{space 3}   1.0871
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0125721{col 26}{space 2} .0824508{col 37}{space 1}    0.15{col 46}{space 3}0.879{col 54}{space 4}-.1495329{col 67}{space 3} .1746772
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0711515{col 26}{space 2} .0823585{col 37}{space 1}    0.86{col 46}{space 3}0.388{col 54}{space 4} -.090772{col 67}{space 3} .2330751
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .1348802{col 26}{space 2} .0809768{col 37}{space 1}    1.67{col 46}{space 3}0.097{col 54}{space 4}-.0243267{col 67}{space 3} .2940871
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.1769107{col 26}{space 2} .1501139{col 37}{space 1}   -1.18{col 46}{space 3}0.239{col 54}{space 4}-.4720468{col 67}{space 3} .1182253
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0263588{col 26}{space 2} .0906011{col 37}{space 1}    0.29{col 46}{space 3}0.771{col 54}{space 4}-.1517704{col 67}{space 3} .2044879
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .2535282{col 26}{space 2} .1511062{col 37}{space 1}    1.68{col 46}{space 3}0.094{col 54}{space 4}-.0435588{col 67}{space 3} .5506152
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0633666{col 26}{space 2} .0891889{col 37}{space 1}    0.71{col 46}{space 3}0.478{col 54}{space 4}-.1119861{col 67}{space 3} .2387193
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.0074187{col 26}{space 2} .1291442{col 37}{space 1}   -0.06{col 46}{space 3}0.954{col 54}{space 4}-.2613266{col 67}{space 3} .2464893
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.0587892{col 26}{space 2} .1331146{col 37}{space 1}   -0.44{col 46}{space 3}0.659{col 54}{space 4}-.3205032{col 67}{space 3} .2029248
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .0733112{col 26}{space 2} .3059068{col 37}{space 1}    0.24{col 46}{space 3}0.811{col 54}{space 4}-.5281264{col 67}{space 3} .6747489
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0935438{col 26}{space 2} .0923416{col 37}{space 1}    1.01{col 46}{space 3}0.312{col 54}{space 4}-.0880073{col 67}{space 3} .2750949
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .8311885{col 26}{space 2} .0843351{col 37}{space 1}    9.86{col 46}{space 3}0.000{col 54}{space 4} .6653787{col 67}{space 3} .9969982
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}  .079875{col 26}{space 2} .4133034{col 37}{space 1}    0.19{col 46}{space 3}0.847{col 54}{space 4} -.732713{col 67}{space 3} .8924631
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} -.098612{col 26}{space 2} .0831506{col 37}{space 1}   -1.19{col 46}{space 3}0.236{col 54}{space 4}-.2620929{col 67}{space 3} .0648689
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.2507208{col 26}{space 2}  .308078{col 37}{space 1}   -0.81{col 46}{space 3}0.416{col 54}{space 4}-.8564271{col 67}{space 3} .3549854
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .5373617{col 26}{space 2} .1785627{col 37}{space 1}    3.01{col 46}{space 3}0.003{col 54}{space 4}  .186293{col 67}{space 3} .8884304
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .0327597{col 26}{space 2} .1220563{col 37}{space 1}    0.27{col 46}{space 3}0.789{col 54}{space 4}-.2072129{col 67}{space 3} .2727323
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.1247012{col 26}{space 2} .1367725{col 37}{space 1}   -0.91{col 46}{space 3}0.362{col 54}{space 4} -.393607{col 67}{space 3} .1442046
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.5165199{col 26}{space 2} .3135751{col 37}{space 1}   -1.65{col 46}{space 3}0.100{col 54}{space 4}-1.133034{col 67}{space 3} .0999941
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2}-.1174356{col 26}{space 2} .0919507{col 37}{space 1}   -1.28{col 46}{space 3}0.202{col 54}{space 4}-.2982182{col 67}{space 3} .0633469
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.0361759{col 26}{space 2} .1417761{col 37}{space 1}   -0.26{col 46}{space 3}0.799{col 54}{space 4}-.3149193{col 67}{space 3} .2425675
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.821348{col 26}{space 2}  .046947{col 37}{space 1}  -17.50{col 46}{space 3}0.000{col 54}{space 4}-.9136496{col 67}{space 3}-.7290465
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7619514{col 26}{space 2} .0473018{col 37}{space 1}  -16.11{col 46}{space 3}0.000{col 54}{space 4}-.8549505{col 67}{space 3}-.6689522
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.7048267{col 26}{space 2} .0504009{col 37}{space 1}  -13.98{col 46}{space 3}0.000{col 54}{space 4} -.803919{col 67}{space 3}-.6057344
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7787463{col 26}{space 2} .0454574{col 37}{space 1}  -17.13{col 46}{space 3}0.000{col 54}{space 4}-.8681192{col 67}{space 3}-.6893735
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6999278{col 26}{space 2} .0567005{col 37}{space 1}  -12.34{col 46}{space 3}0.000{col 54}{space 4}-.8114055{col 67}{space 3}  -.58845
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6634372{col 26}{space 2} .0524514{col 37}{space 1}  -12.65{col 46}{space 3}0.000{col 54}{space 4} -.766561{col 67}{space 3}-.5603135
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8242925{col 26}{space 2} .0529458{col 37}{space 1}  -15.57{col 46}{space 3}0.000{col 54}{space 4}-.9283882{col 67}{space 3}-.7201967
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  4.63084{col 26}{space 2}  .956849{col 37}{space 1}    4.84{col 46}{space 3}0.000{col 54}{space 4} 2.749597{col 67}{space 3} 6.512083
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (390 categories)

{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==4, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1826
{col 56}{help j_robustsingular:F( 52, 389)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4701
{txt}{col 56}Adj R-squared ={res}  0.2997
{txt}{col 56}Root MSE      = {res} .35011

{txt}{ralign 78:(Std. Err. adjusted for {res:390} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0315234{col 26}{space 2}  .037287{col 37}{space 1}    0.85{col 46}{space 3}0.398{col 54}{space 4}-.0417859{col 67}{space 3} .1048327
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0040548{col 26}{space 2} .0330005{col 37}{space 1}    0.12{col 46}{space 3}0.902{col 54}{space 4}-.0608267{col 67}{space 3} .0689364
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 9.19e-07{col 26}{space 2} 5.29e-06{col 37}{space 1}    0.17{col 46}{space 3}0.862{col 54}{space 4}-9.48e-06{col 67}{space 3} .0000113
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0062494{col 26}{space 2} .0078227{col 37}{space 1}   -0.80{col 46}{space 3}0.425{col 54}{space 4}-.0216294{col 67}{space 3} .0091306
{txt}{space 3}logassets {c |}{col 14}{res}{space 2} -.519779{col 26}{space 2} .1936512{col 37}{space 1}   -2.68{col 46}{space 3}0.008{col 54}{space 4}-.9005129{col 67}{space 3}-.1390451
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0808148{col 26}{space 2}   .01751{col 37}{space 1}   -4.62{col 46}{space 3}0.000{col 54}{space 4}-.1152409{col 67}{space 3}-.0463888
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0003116{col 26}{space 2} .2664948{col 37}{space 1}   -0.00{col 46}{space 3}0.999{col 54}{space 4} -.524262{col 67}{space 3} .5236388
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.3382542{col 26}{space 2} .2026298{col 37}{space 1}   -1.67{col 46}{space 3}0.096{col 54}{space 4}-.7366407{col 67}{space 3} .0601324
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0229145{col 26}{space 2} .0095599{col 37}{space 1}    2.40{col 46}{space 3}0.017{col 54}{space 4}  .004119{col 67}{space 3}   .04171
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0039788{col 26}{space 2} .0010681{col 37}{space 1}    3.73{col 46}{space 3}0.000{col 54}{space 4} .0018789{col 67}{space 3} .0060788
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3637533{col 26}{space 2} .1958246{col 37}{space 1}    1.86{col 46}{space 3}0.064{col 54}{space 4}-.0212538{col 67}{space 3} .7487605
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-2.87e-07{col 26}{space 2} 3.85e-07{col 37}{space 1}   -0.75{col 46}{space 3}0.456{col 54}{space 4}-1.04e-06{col 67}{space 3} 4.69e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-7.07e-08{col 26}{space 2} 4.19e-07{col 37}{space 1}   -0.17{col 46}{space 3}0.866{col 54}{space 4}-8.95e-07{col 67}{space 3} 7.54e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0716844{col 26}{space 2} .0324036{col 37}{space 1}   -2.21{col 46}{space 3}0.028{col 54}{space 4}-.1353926{col 67}{space 3}-.0079762
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1071643{col 26}{space 2} .1549129{col 37}{space 1}    0.69{col 46}{space 3}0.489{col 54}{space 4}-.1974071{col 67}{space 3} .4117357
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1911162{col 26}{space 2} .1434767{col 37}{space 1}    1.33{col 46}{space 3}0.184{col 54}{space 4}-.0909705{col 67}{space 3}  .473203
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .0793104{col 26}{space 2} .1436999{col 37}{space 1}    0.55{col 46}{space 3}0.581{col 54}{space 4}-.2032152{col 67}{space 3}  .361836
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .0691362{col 26}{space 2} .1645101{col 37}{space 1}    0.42{col 46}{space 3}0.675{col 54}{space 4} -.254304{col 67}{space 3} .3925763
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1320948{col 26}{space 2} .1398812{col 37}{space 1}    0.94{col 46}{space 3}0.346{col 54}{space 4} -.142923{col 67}{space 3} .4071127
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .2217182{col 26}{space 2}  .149589{col 37}{space 1}    1.48{col 46}{space 3}0.139{col 54}{space 4}-.0723858{col 67}{space 3} .5158223
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} .2662473{col 26}{space 2} .2267284{col 37}{space 1}    1.17{col 46}{space 3}0.241{col 54}{space 4} -.179519{col 67}{space 3} .7120137
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1991374{col 26}{space 2} .1452791{col 37}{space 1}    1.37{col 46}{space 3}0.171{col 54}{space 4}-.0864931{col 67}{space 3} .4847679
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .1496226{col 26}{space 2} .1412464{col 37}{space 1}    1.06{col 46}{space 3}0.290{col 54}{space 4}-.1280793{col 67}{space 3} .4273246
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0822332{col 26}{space 2} .0987862{col 37}{space 1}    0.83{col 46}{space 3}0.406{col 54}{space 4}-.1119885{col 67}{space 3} .2764548
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .1241973{col 26}{space 2} .1065031{col 37}{space 1}    1.17{col 46}{space 3}0.244{col 54}{space 4}-.0851964{col 67}{space 3}  .333591
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .1510621{col 26}{space 2} .1074719{col 37}{space 1}    1.41{col 46}{space 3}0.161{col 54}{space 4}-.0602363{col 67}{space 3} .3623605
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}  .916699{col 26}{space 2} .1099939{col 37}{space 1}    8.33{col 46}{space 3}0.000{col 54}{space 4}  .700442{col 67}{space 3} 1.132956
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0048597{col 26}{space 2} .0775093{col 37}{space 1}    0.06{col 46}{space 3}0.950{col 54}{space 4}-.1475298{col 67}{space 3} .1572492
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0297198{col 26}{space 2} .0800623{col 37}{space 1}    0.37{col 46}{space 3}0.711{col 54}{space 4}-.1276892{col 67}{space 3} .1871289
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0691106{col 26}{space 2} .0784511{col 37}{space 1}    0.88{col 46}{space 3}0.379{col 54}{space 4}-.0851307{col 67}{space 3} .2233518
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.2393691{col 26}{space 2} .1377853{col 37}{space 1}   -1.74{col 46}{space 3}0.083{col 54}{space 4}-.5102661{col 67}{space 3} .0315279
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0276527{col 26}{space 2} .0853959{col 37}{space 1}    0.32{col 46}{space 3}0.746{col 54}{space 4}-.1402427{col 67}{space 3}  .195548
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .1784029{col 26}{space 2} .1053956{col 37}{space 1}    1.69{col 46}{space 3}0.091{col 54}{space 4}-.0288133{col 67}{space 3} .3856191
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0398258{col 26}{space 2} .0869876{col 37}{space 1}    0.46{col 46}{space 3}0.647{col 54}{space 4}-.1311989{col 67}{space 3} .2108504
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0205461{col 26}{space 2} .1684183{col 37}{space 1}    0.12{col 46}{space 3}0.903{col 54}{space 4}-.3105779{col 67}{space 3} .3516702
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.0335117{col 26}{space 2} .1073455{col 37}{space 1}   -0.31{col 46}{space 3}0.755{col 54}{space 4}-.2445617{col 67}{space 3} .1775382
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .1257462{col 26}{space 2} .2880966{col 37}{space 1}    0.44{col 46}{space 3}0.663{col 54}{space 4}-.4406752{col 67}{space 3} .6921675
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0638087{col 26}{space 2} .0875136{col 37}{space 1}    0.73{col 46}{space 3}0.466{col 54}{space 4}-.1082502{col 67}{space 3} .2358676
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}  .725564{col 26}{space 2} .0813352{col 37}{space 1}    8.92{col 46}{space 3}0.000{col 54}{space 4} .5656524{col 67}{space 3} .8854755
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .0979195{col 26}{space 2} .3847235{col 37}{space 1}    0.25{col 46}{space 3}0.799{col 54}{space 4} -.658478{col 67}{space 3} .8543171
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.1508322{col 26}{space 2} .0985509{col 37}{space 1}   -1.53{col 46}{space 3}0.127{col 54}{space 4}-.3445913{col 67}{space 3} .0429268
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.0829348{col 26}{space 2}  .252839{col 37}{space 1}   -0.33{col 46}{space 3}0.743{col 54}{space 4}-.5800368{col 67}{space 3} .4141671
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .6639503{col 26}{space 2} .2293479{col 37}{space 1}    2.89{col 46}{space 3}0.004{col 54}{space 4} .2130337{col 67}{space 3} 1.114867
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.0427724{col 26}{space 2}  .145582{col 37}{space 1}   -0.29{col 46}{space 3}0.769{col 54}{space 4}-.3289983{col 67}{space 3} .2434536
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.1733403{col 26}{space 2} .1374485{col 37}{space 1}   -1.26{col 46}{space 3}0.208{col 54}{space 4}-.4435752{col 67}{space 3} .0968946
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.4438869{col 26}{space 2} .3051607{col 37}{space 1}   -1.45{col 46}{space 3}0.147{col 54}{space 4}-1.043858{col 67}{space 3} .1560838
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2}-.1123205{col 26}{space 2} .0901321{col 37}{space 1}   -1.25{col 46}{space 3}0.213{col 54}{space 4}-.2895276{col 67}{space 3} .0648865
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.0914626{col 26}{space 2} .1352871{col 37}{space 1}   -0.68{col 46}{space 3}0.499{col 54}{space 4} -.357448{col 67}{space 3} .1745229
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.8112117{col 26}{space 2} .0457236{col 37}{space 1}  -17.74{col 46}{space 3}0.000{col 54}{space 4} -.901108{col 67}{space 3}-.7213154
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7220606{col 26}{space 2} .0465849{col 37}{space 1}  -15.50{col 46}{space 3}0.000{col 54}{space 4}-.8136502{col 67}{space 3} -.630471
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6840288{col 26}{space 2} .0484953{col 37}{space 1}  -14.11{col 46}{space 3}0.000{col 54}{space 4}-.7793744{col 67}{space 3}-.5886831
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7473094{col 26}{space 2} .0450716{col 37}{space 1}  -16.58{col 46}{space 3}0.000{col 54}{space 4}-.8359238{col 67}{space 3}-.6586949
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6789276{col 26}{space 2} .0525514{col 37}{space 1}  -12.92{col 46}{space 3}0.000{col 54}{space 4} -.782248{col 67}{space 3}-.5756073
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6458498{col 26}{space 2}  .050741{col 37}{space 1}  -12.73{col 46}{space 3}0.000{col 54}{space 4}-.7456107{col 67}{space 3}-.5460889
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7914849{col 26}{space 2} .0496101{col 37}{space 1}  -15.95{col 46}{space 3}0.000{col 54}{space 4}-.8890224{col 67}{space 3}-.6939473
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.127576{col 26}{space 2} .9786642{col 37}{space 1}    4.22{col 46}{space 3}0.000{col 54}{space 4} 2.203442{col 67}{space 3} 6.051709
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (390 categories)

{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==4, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1826
{col 56}{help j_robustsingular:F( 52, 389)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3679
{txt}{col 56}Adj R-squared ={res}  0.1646
{txt}{col 56}Root MSE      = {res} .49384

{txt}{ralign 78:(Std. Err. adjusted for {res:390} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0191234{col 26}{space 2} .0492756{col 37}{space 1}    0.39{col 46}{space 3}0.698{col 54}{space 4}-.0777564{col 67}{space 3} .1160032
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0096168{col 26}{space 2} .0446613{col 37}{space 1}    0.22{col 46}{space 3}0.830{col 54}{space 4} -.078191{col 67}{space 3} .0974245
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-2.79e-07{col 26}{space 2} 6.70e-06{col 37}{space 1}   -0.04{col 46}{space 3}0.967{col 54}{space 4}-.0000134{col 67}{space 3} .0000129
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0095954{col 26}{space 2} .0111366{col 37}{space 1}   -0.86{col 46}{space 3}0.389{col 54}{space 4}-.0314909{col 67}{space 3} .0123001
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.5262038{col 26}{space 2}  .236733{col 37}{space 1}   -2.22{col 46}{space 3}0.027{col 54}{space 4}-.9916401{col 67}{space 3}-.0607674
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0861203{col 26}{space 2} .0221476{col 37}{space 1}   -3.89{col 46}{space 3}0.000{col 54}{space 4}-.1296644{col 67}{space 3}-.0425763
{txt}{space 7}effic {c |}{col 14}{res}{space 2} -.177249{col 26}{space 2} .3388233{col 37}{space 1}   -0.52{col 46}{space 3}0.601{col 54}{space 4}-.8434031{col 67}{space 3}  .488905
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.4816993{col 26}{space 2} .2858326{col 37}{space 1}   -1.69{col 46}{space 3}0.093{col 54}{space 4}-1.043669{col 67}{space 3} .0802708
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0236484{col 26}{space 2} .0117357{col 37}{space 1}    2.02{col 46}{space 3}0.045{col 54}{space 4} .0005751{col 67}{space 3} .0467217
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0044533{col 26}{space 2} .0013874{col 37}{space 1}    3.21{col 46}{space 3}0.001{col 54}{space 4} .0017255{col 67}{space 3}  .007181
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .6485465{col 26}{space 2} .3115416{col 37}{space 1}    2.08{col 46}{space 3}0.038{col 54}{space 4} .0360305{col 67}{space 3} 1.261063
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-1.95e-07{col 26}{space 2} 4.81e-07{col 37}{space 1}   -0.40{col 46}{space 3}0.686{col 54}{space 4}-1.14e-06{col 67}{space 3} 7.52e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2} 2.54e-07{col 26}{space 2} 6.00e-07{col 37}{space 1}    0.42{col 46}{space 3}0.672{col 54}{space 4}-9.25e-07{col 67}{space 3} 1.43e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2} -.086473{col 26}{space 2} .0453418{col 37}{space 1}   -1.91{col 46}{space 3}0.057{col 54}{space 4}-.1756187{col 67}{space 3} .0026727
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .3111119{col 26}{space 2} .2178179{col 37}{space 1}    1.43{col 46}{space 3}0.154{col 54}{space 4}-.1171358{col 67}{space 3} .7393596
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}  .361646{col 26}{space 2} .2040682{col 37}{space 1}    1.77{col 46}{space 3}0.077{col 54}{space 4}-.0395685{col 67}{space 3} .7628605
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .2200586{col 26}{space 2} .2070818{col 37}{space 1}    1.06{col 46}{space 3}0.289{col 54}{space 4}-.1870811{col 67}{space 3} .6271983
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .1724526{col 26}{space 2} .2463871{col 37}{space 1}    0.70{col 46}{space 3}0.484{col 54}{space 4}-.3119645{col 67}{space 3} .6568697
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .3299556{col 26}{space 2} .1983534{col 37}{space 1}    1.66{col 46}{space 3}0.097{col 54}{space 4}-.0600232{col 67}{space 3} .7199344
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .4153342{col 26}{space 2} .2122226{col 37}{space 1}    1.96{col 46}{space 3}0.051{col 54}{space 4}-.0019126{col 67}{space 3} .8325809
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} .2754371{col 26}{space 2} .3443994{col 37}{space 1}    0.80{col 46}{space 3}0.424{col 54}{space 4}  -.40168{col 67}{space 3} .9525541
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .3501538{col 26}{space 2}  .205776{col 37}{space 1}    1.70{col 46}{space 3}0.090{col 54}{space 4}-.0544185{col 67}{space 3}  .754726
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .3199428{col 26}{space 2} .2031852{col 37}{space 1}    1.57{col 46}{space 3}0.116{col 54}{space 4}-.0795358{col 67}{space 3} .7194214
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0631485{col 26}{space 2} .1451781{col 37}{space 1}    0.43{col 46}{space 3}0.664{col 54}{space 4}-.2222835{col 67}{space 3} .3485804
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .2564581{col 26}{space 2} .1570046{col 37}{space 1}    1.63{col 46}{space 3}0.103{col 54}{space 4}-.0522257{col 67}{space 3} .5651419
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .1614877{col 26}{space 2} .1340901{col 37}{space 1}    1.20{col 46}{space 3}0.229{col 54}{space 4}-.1021442{col 67}{space 3} .4251196
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .7757321{col 26}{space 2} .1421524{col 37}{space 1}    5.46{col 46}{space 3}0.000{col 54}{space 4} .4962489{col 67}{space 3} 1.055215
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0130972{col 26}{space 2}  .102336{col 37}{space 1}   -0.13{col 46}{space 3}0.898{col 54}{space 4} -.214298{col 67}{space 3} .1881037
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}  .003583{col 26}{space 2} .1017033{col 37}{space 1}    0.04{col 46}{space 3}0.972{col 54}{space 4}-.1963739{col 67}{space 3} .2035399
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0959944{col 26}{space 2} .0914372{col 37}{space 1}    1.05{col 46}{space 3}0.294{col 54}{space 4}-.0837785{col 67}{space 3} .2757674
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.2218078{col 26}{space 2} .1998633{col 37}{space 1}   -1.11{col 46}{space 3}0.268{col 54}{space 4}-.6147552{col 67}{space 3} .1711396
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0245718{col 26}{space 2}   .10295{col 37}{space 1}   -0.24{col 46}{space 3}0.811{col 54}{space 4}-.2269798{col 67}{space 3} .1778361
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .4161268{col 26}{space 2} .1156373{col 37}{space 1}    3.60{col 46}{space 3}0.000{col 54}{space 4} .1887745{col 67}{space 3} .6434791
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0282714{col 26}{space 2} .1038043{col 37}{space 1}    0.27{col 46}{space 3}0.785{col 54}{space 4}-.1758163{col 67}{space 3} .2323592
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0583839{col 26}{space 2}  .188178{col 37}{space 1}    0.31{col 46}{space 3}0.757{col 54}{space 4}-.3115894{col 67}{space 3} .4283572
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.2047206{col 26}{space 2} .2568663{col 37}{space 1}   -0.80{col 46}{space 3}0.426{col 54}{space 4}-.7097406{col 67}{space 3} .3002995
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .0728377{col 26}{space 2} .3047771{col 37}{space 1}    0.24{col 46}{space 3}0.811{col 54}{space 4}-.5263789{col 67}{space 3} .6720542
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .0939634{col 26}{space 2} .1071554{col 37}{space 1}    0.88{col 46}{space 3}0.381{col 54}{space 4}-.1167128{col 67}{space 3} .3046395
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .7252393{col 26}{space 2} .0961177{col 37}{space 1}    7.55{col 46}{space 3}0.000{col 54}{space 4} .5362641{col 67}{space 3} .9142145
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.2064119{col 26}{space 2} .5632239{col 37}{space 1}   -0.37{col 46}{space 3}0.714{col 54}{space 4}-1.313756{col 67}{space 3}  .900932
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.4138533{col 26}{space 2} .3325325{col 37}{space 1}   -1.24{col 46}{space 3}0.214{col 54}{space 4}-1.067639{col 67}{space 3} .2399325
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1576025{col 26}{space 2} .2650582{col 37}{space 1}   -0.59{col 46}{space 3}0.552{col 54}{space 4}-.6787284{col 67}{space 3} .3635234
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2} .8149948{col 26}{space 2}  .216402{col 37}{space 1}    3.77{col 46}{space 3}0.000{col 54}{space 4} .3895308{col 67}{space 3} 1.240459
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.1088932{col 26}{space 2} .2003265{col 37}{space 1}   -0.54{col 46}{space 3}0.587{col 54}{space 4}-.5027513{col 67}{space 3}  .284965
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.2482267{col 26}{space 2} .1470892{col 37}{space 1}   -1.69{col 46}{space 3}0.092{col 54}{space 4} -.537416{col 67}{space 3} .0409627
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2} -.546707{col 26}{space 2} .2564068{col 37}{space 1}   -2.13{col 46}{space 3}0.034{col 54}{space 4}-1.050824{col 67}{space 3}-.0425905
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}{space 2}-.2961814{col 26}{space 2} .1089953{col 37}{space 1}   -2.72{col 46}{space 3}0.007{col 54}{space 4}-.5104749{col 67}{space 3}-.0818878
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} -.274914{col 26}{space 2} .1770668{col 37}{space 1}   -1.55{col 46}{space 3}0.121{col 54}{space 4}-.6230418{col 67}{space 3} .0732138
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7294873{col 26}{space 2} .0643454{col 37}{space 1}  -11.34{col 46}{space 3}0.000{col 54}{space 4}-.8559956{col 67}{space 3}-.6029789
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6665373{col 26}{space 2} .0648566{col 37}{space 1}  -10.28{col 46}{space 3}0.000{col 54}{space 4}-.7940506{col 67}{space 3} -.539024
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6089511{col 26}{space 2} .0544852{col 37}{space 1}  -11.18{col 46}{space 3}0.000{col 54}{space 4}-.7160734{col 67}{space 3}-.5018288
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6782461{col 26}{space 2} .0571841{col 37}{space 1}  -11.86{col 46}{space 3}0.000{col 54}{space 4}-.7906746{col 67}{space 3}-.5658176
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} -.647691{col 26}{space 2} .0647895{col 37}{space 1}  -10.00{col 46}{space 3}0.000{col 54}{space 4}-.7750723{col 67}{space 3}-.5203096
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6211164{col 26}{space 2} .0605651{col 37}{space 1}  -10.26{col 46}{space 3}0.000{col 54}{space 4}-.7401923{col 67}{space 3}-.5020404
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7508029{col 26}{space 2} .0611222{col 37}{space 1}  -12.28{col 46}{space 3}0.000{col 54}{space 4}-.8709741{col 67}{space 3}-.6306317
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.007953{col 26}{space 2}  1.21386{col 37}{space 1}    3.30{col 46}{space 3}0.001{col 54}{space 4} 1.621406{col 67}{space 3} 6.394501
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (390 categories)

{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==5, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__51 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1866
{col 56}{help j_robustsingular:F( 46, 373)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.5226
{txt}{col 56}Adj R-squared ={res}  0.3826
{txt}{col 56}Root MSE      = {res} .35166

{txt}{ralign 78:(Std. Err. adjusted for {res:374} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0428676{col 26}{space 2} .0421128{col 37}{space 1}   -1.02{col 46}{space 3}0.309{col 54}{space 4}-.1256759{col 67}{space 3} .0399406
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0611741{col 26}{space 2} .0267715{col 37}{space 1}    2.29{col 46}{space 3}0.023{col 54}{space 4} .0085321{col 67}{space 3} .1138161
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-1.45e-06{col 26}{space 2} 2.88e-06{col 37}{space 1}   -0.50{col 46}{space 3}0.615{col 54}{space 4}-7.10e-06{col 67}{space 3} 4.21e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0000501{col 26}{space 2} .0011488{col 37}{space 1}   -0.04{col 46}{space 3}0.965{col 54}{space 4}-.0023091{col 67}{space 3} .0022088
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.8734786{col 26}{space 2} .1386296{col 37}{space 1}   -6.30{col 46}{space 3}0.000{col 54}{space 4}-1.146072{col 67}{space 3}-.6008851
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0482122{col 26}{space 2} .0182227{col 37}{space 1}   -2.65{col 46}{space 3}0.008{col 54}{space 4}-.0840442{col 67}{space 3}-.0123801
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.1231706{col 26}{space 2} .2090969{col 37}{space 1}   -0.59{col 46}{space 3}0.556{col 54}{space 4}-.5343271{col 67}{space 3} .2879859
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.1403445{col 26}{space 2} .2145909{col 37}{space 1}   -0.65{col 46}{space 3}0.514{col 54}{space 4} -.562304{col 67}{space 3}  .281615
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0406917{col 26}{space 2} .0066149{col 37}{space 1}    6.15{col 46}{space 3}0.000{col 54}{space 4} .0276845{col 67}{space 3} .0536989
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0024375{col 26}{space 2} .0011733{col 37}{space 1}    2.08{col 46}{space 3}0.038{col 54}{space 4} .0001303{col 67}{space 3} .0047446
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .2103738{col 26}{space 2} .2210169{col 37}{space 1}    0.95{col 46}{space 3}0.342{col 54}{space 4}-.2242215{col 67}{space 3}  .644969
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-1.16e-08{col 26}{space 2} 2.49e-07{col 37}{space 1}   -0.05{col 46}{space 3}0.963{col 54}{space 4}-5.01e-07{col 67}{space 3} 4.78e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-1.21e-07{col 26}{space 2} 3.05e-07{col 37}{space 1}   -0.40{col 46}{space 3}0.693{col 54}{space 4}-7.21e-07{col 67}{space 3} 4.80e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}  .014604{col 26}{space 2} .0144057{col 37}{space 1}    1.01{col 46}{space 3}0.311{col 54}{space 4}-.0137226{col 67}{space 3} .0429305
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .0860466{col 26}{space 2} .0978332{col 37}{space 1}    0.88{col 46}{space 3}0.380{col 54}{space 4}-.1063271{col 67}{space 3} .2784203
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .0434025{col 26}{space 2} .0897624{col 37}{space 1}    0.48{col 46}{space 3}0.629{col 54}{space 4}-.1331012{col 67}{space 3} .2199062
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .0704003{col 26}{space 2} .0980514{col 37}{space 1}    0.72{col 46}{space 3}0.473{col 54}{space 4}-.1224025{col 67}{space 3} .2632031
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .0713483{col 26}{space 2} .1230524{col 37}{space 1}    0.58{col 46}{space 3}0.562{col 54}{space 4}-.1706151{col 67}{space 3} .3133118
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1159041{col 26}{space 2} .0918886{col 37}{space 1}    1.26{col 46}{space 3}0.208{col 54}{space 4}-.0647804{col 67}{space 3} .2965887
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0810011{col 26}{space 2} .1020242{col 37}{space 1}    0.79{col 46}{space 3}0.428{col 54}{space 4}-.1196136{col 67}{space 3} .2816157
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.2097807{col 26}{space 2} .2901559{col 37}{space 1}   -0.72{col 46}{space 3}0.470{col 54}{space 4} -.780327{col 67}{space 3} .3607656
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1183865{col 26}{space 2} .1018809{col 37}{space 1}    1.16{col 46}{space 3}0.246{col 54}{space 4}-.0819464{col 67}{space 3} .3187194
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .0663185{col 26}{space 2}  .089962{col 37}{space 1}    0.74{col 46}{space 3}0.461{col 54}{space 4}-.1105778{col 67}{space 3} .2432148
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0227416{col 26}{space 2} .0908799{col 37}{space 1}   -0.25{col 46}{space 3}0.803{col 54}{space 4}-.2014428{col 67}{space 3} .1559596
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.1522592{col 26}{space 2} .1213992{col 37}{space 1}   -1.25{col 46}{space 3}0.211{col 54}{space 4}-.3909718{col 67}{space 3} .0864533
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2} .0238149{col 26}{space 2}  .100343{col 37}{space 1}    0.24{col 46}{space 3}0.813{col 54}{space 4} -.173494{col 67}{space 3} .2211238
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0312262{col 26}{space 2} .0823215{col 37}{space 1}   -0.38{col 46}{space 3}0.705{col 54}{space 4}-.1930986{col 67}{space 3} .1306461
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} -.071234{col 26}{space 2} .0686213{col 37}{space 1}   -1.04{col 46}{space 3}0.300{col 54}{space 4} -.206167{col 67}{space 3} .0636991
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0035682{col 26}{space 2} .0757018{col 37}{space 1}   -0.05{col 46}{space 3}0.962{col 54}{space 4}-.1524241{col 67}{space 3} .1452876
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.0133298{col 26}{space 2} .0767638{col 37}{space 1}   -0.17{col 46}{space 3}0.862{col 54}{space 4}-.1642738{col 67}{space 3} .1376142
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.2928304{col 26}{space 2} .1238103{col 37}{space 1}   -2.37{col 46}{space 3}0.019{col 54}{space 4}-.5362842{col 67}{space 3}-.0493766
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0187719{col 26}{space 2} .0922995{col 37}{space 1}   -0.20{col 46}{space 3}0.839{col 54}{space 4}-.2002645{col 67}{space 3} .1627208
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}  .098542{col 26}{space 2} .1034107{col 37}{space 1}    0.95{col 46}{space 3}0.341{col 54}{space 4}-.1047991{col 67}{space 3} .3018831
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0919329{col 26}{space 2} .1679469{col 37}{space 1}    0.55{col 46}{space 3}0.584{col 54}{space 4}-.2383086{col 67}{space 3} .4221744
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .1999505{col 26}{space 2} .2273311{col 37}{space 1}    0.88{col 46}{space 3}0.380{col 54}{space 4}-.2470607{col 67}{space 3} .6469618
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}-.1424891{col 26}{space 2} .1362445{col 37}{space 1}   -1.05{col 46}{space 3}0.296{col 54}{space 4}-.4103928{col 67}{space 3} .1254146
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.0492834{col 26}{space 2} .0798254{col 37}{space 1}   -0.62{col 46}{space 3}0.537{col 54}{space 4}-.2062476{col 67}{space 3} .1076807
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .0019603{col 26}{space 2} .1489877{col 37}{space 1}    0.01{col 46}{space 3}0.990{col 54}{space 4}-.2910008{col 67}{space 3} .2949214
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.1303033{col 26}{space 2}  .171728{col 37}{space 1}   -0.76{col 46}{space 3}0.448{col 54}{space 4}-.4679797{col 67}{space 3}  .207373
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.2910613{col 26}{space 2} .0805347{col 37}{space 1}   -3.61{col 46}{space 3}0.000{col 54}{space 4}-.4494202{col 67}{space 3}-.1327024
{txt}_Iprovinc~51 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .6169634{col 26}{space 2} .0912166{col 37}{space 1}    6.76{col 46}{space 3}0.000{col 54}{space 4} .4376003{col 67}{space 3} .7963266
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .0742305{col 26}{space 2} .0924171{col 37}{space 1}    0.80{col 46}{space 3}0.422{col 54}{space 4}-.1074934{col 67}{space 3} .2559544
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.0767734{col 26}{space 2} .0978872{col 37}{space 1}   -0.78{col 46}{space 3}0.433{col 54}{space 4}-.2692534{col 67}{space 3} .1157066
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7290847{col 26}{space 2} .0478881{col 37}{space 1}  -15.22{col 46}{space 3}0.000{col 54}{space 4}-.8232492{col 67}{space 3}-.6349202
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7282464{col 26}{space 2} .0473059{col 37}{space 1}  -15.39{col 46}{space 3}0.000{col 54}{space 4} -.821266{col 67}{space 3}-.6352267
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6753134{col 26}{space 2} .0398404{col 37}{space 1}  -16.95{col 46}{space 3}0.000{col 54}{space 4}-.7536533{col 67}{space 3}-.5969735
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7882753{col 26}{space 2} .0395868{col 37}{space 1}  -19.91{col 46}{space 3}0.000{col 54}{space 4}-.8661165{col 67}{space 3}-.7104341
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7917129{col 26}{space 2} .0464613{col 37}{space 1}  -17.04{col 46}{space 3}0.000{col 54}{space 4}-.8830717{col 67}{space 3} -.700354
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.7048925{col 26}{space 2} .0514389{col 37}{space 1}  -13.70{col 46}{space 3}0.000{col 54}{space 4}-.8060391{col 67}{space 3} -.603746
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8378752{col 26}{space 2} .0510542{col 37}{space 1}  -16.41{col 46}{space 3}0.000{col 54}{space 4}-.9382654{col 67}{space 3} -.737485
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.694102{col 26}{space 2} .7547359{col 37}{space 1}    7.54{col 46}{space 3}0.000{col 54}{space 4} 4.210032{col 67}{space 3} 7.178173
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (374 categories)

{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==5, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__51 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1866
{col 56}{help j_robustsingular:F( 46, 373)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.5223
{txt}{col 56}Adj R-squared ={res}  0.3822
{txt}{col 56}Root MSE      = {res} .34683

{txt}{ralign 78:(Std. Err. adjusted for {res:374} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0284703{col 26}{space 2} .0423857{col 37}{space 1}   -0.67{col 46}{space 3}0.502{col 54}{space 4}-.1118152{col 67}{space 3} .0548746
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0480989{col 26}{space 2}  .027911{col 37}{space 1}    1.72{col 46}{space 3}0.086{col 54}{space 4}-.0067837{col 67}{space 3} .1029816
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-1.91e-06{col 26}{space 2} 2.71e-06{col 37}{space 1}   -0.70{col 46}{space 3}0.483{col 54}{space 4}-7.24e-06{col 67}{space 3} 3.43e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} -.000026{col 26}{space 2} .0011561{col 37}{space 1}   -0.02{col 46}{space 3}0.982{col 54}{space 4}-.0022993{col 67}{space 3} .0022473
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.8695345{col 26}{space 2} .1456439{col 37}{space 1}   -5.97{col 46}{space 3}0.000{col 54}{space 4}-1.155921{col 67}{space 3}-.5831485
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0531144{col 26}{space 2} .0165083{col 37}{space 1}   -3.22{col 46}{space 3}0.001{col 54}{space 4}-.0855754{col 67}{space 3}-.0206533
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.3015495{col 26}{space 2} .2002959{col 37}{space 1}   -1.51{col 46}{space 3}0.133{col 54}{space 4}-.6954001{col 67}{space 3} .0923012
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.0475857{col 26}{space 2} .2301479{col 37}{space 1}   -0.21{col 46}{space 3}0.836{col 54}{space 4}-.5001358{col 67}{space 3} .4049644
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0400628{col 26}{space 2} .0067912{col 37}{space 1}    5.90{col 46}{space 3}0.000{col 54}{space 4}  .026709{col 67}{space 3} .0534166
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0027667{col 26}{space 2}  .001112{col 37}{space 1}    2.49{col 46}{space 3}0.013{col 54}{space 4} .0005801{col 67}{space 3} .0049532
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .0785984{col 26}{space 2} .2325071{col 37}{space 1}    0.34{col 46}{space 3}0.736{col 54}{space 4}-.3785906{col 67}{space 3} .5357874
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 2.13e-07{col 26}{space 2} 2.35e-07{col 37}{space 1}    0.91{col 46}{space 3}0.366{col 54}{space 4}-2.49e-07{col 67}{space 3} 6.75e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2} 1.74e-07{col 26}{space 2} 2.95e-07{col 37}{space 1}    0.59{col 46}{space 3}0.555{col 54}{space 4}-4.06e-07{col 67}{space 3} 7.55e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0020382{col 26}{space 2} .0133107{col 37}{space 1}    0.15{col 46}{space 3}0.878{col 54}{space 4}-.0241353{col 67}{space 3} .0282117
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1068229{col 26}{space 2} .0957504{col 37}{space 1}    1.12{col 46}{space 3}0.265{col 54}{space 4}-.0814552{col 67}{space 3} .2951011
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .0533904{col 26}{space 2} .0886835{col 37}{space 1}    0.60{col 46}{space 3}0.548{col 54}{space 4} -.120992{col 67}{space 3} .2277728
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .0796832{col 26}{space 2} .0952383{col 37}{space 1}    0.84{col 46}{space 3}0.403{col 54}{space 4}-.1075881{col 67}{space 3} .2669544
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .1270911{col 26}{space 2} .1300103{col 37}{space 1}    0.98{col 46}{space 3}0.329{col 54}{space 4}-.1285539{col 67}{space 3} .3827362
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1401107{col 26}{space 2}  .091687{col 37}{space 1}    1.53{col 46}{space 3}0.127{col 54}{space 4}-.0401774{col 67}{space 3} .3203989
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .1228016{col 26}{space 2} .1010656{col 37}{space 1}    1.22{col 46}{space 3}0.225{col 54}{space 4}-.0759282{col 67}{space 3} .3215315
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.2203688{col 26}{space 2} .2723201{col 37}{space 1}   -0.81{col 46}{space 3}0.419{col 54}{space 4}-.7558438{col 67}{space 3} .3151063
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1193737{col 26}{space 2} .1008697{col 37}{space 1}    1.18{col 46}{space 3}0.237{col 54}{space 4}-.0789709{col 67}{space 3} .3177182
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .1056801{col 26}{space 2} .0898211{col 37}{space 1}    1.18{col 46}{space 3}0.240{col 54}{space 4}-.0709391{col 67}{space 3} .2822992
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0183667{col 26}{space 2} .0860327{col 37}{space 1}   -0.21{col 46}{space 3}0.831{col 54}{space 4}-.1875365{col 67}{space 3} .1508031
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.1698036{col 26}{space 2} .1234094{col 37}{space 1}   -1.38{col 46}{space 3}0.170{col 54}{space 4}-.4124689{col 67}{space 3} .0728617
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2}-.0812375{col 26}{space 2} .0923075{col 37}{space 1}   -0.88{col 46}{space 3}0.379{col 54}{space 4}-.2627459{col 67}{space 3} .1002709
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0203649{col 26}{space 2} .0749642{col 37}{space 1}   -0.27{col 46}{space 3}0.786{col 54}{space 4}-.1677704{col 67}{space 3} .1270406
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.0740135{col 26}{space 2} .0630878{col 37}{space 1}   -1.17{col 46}{space 3}0.241{col 54}{space 4}-.1980659{col 67}{space 3} .0500389
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0139236{col 26}{space 2} .0711807{col 37}{space 1}   -0.20{col 46}{space 3}0.845{col 54}{space 4}-.1538893{col 67}{space 3} .1260422
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.0244347{col 26}{space 2}  .067762{col 37}{space 1}   -0.36{col 46}{space 3}0.719{col 54}{space 4} -.157678{col 67}{space 3} .1088087
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.3054006{col 26}{space 2} .1079057{col 37}{space 1}   -2.83{col 46}{space 3}0.005{col 54}{space 4}-.5175803{col 67}{space 3}-.0932209
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0385023{col 26}{space 2} .0858597{col 37}{space 1}   -0.45{col 46}{space 3}0.654{col 54}{space 4} -.207332{col 67}{space 3} .1303275
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}  .034375{col 26}{space 2} .0921694{col 37}{space 1}    0.37{col 46}{space 3}0.709{col 54}{space 4}-.1468618{col 67}{space 3} .2156119
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0571561{col 26}{space 2} .1650528{col 37}{space 1}    0.35{col 46}{space 3}0.729{col 54}{space 4}-.2673945{col 67}{space 3} .3817067
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .1805441{col 26}{space 2} .2133889{col 37}{space 1}    0.85{col 46}{space 3}0.398{col 54}{space 4}-.2390518{col 67}{space 3} .6001401
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}-.0880011{col 26}{space 2}  .197342{col 37}{space 1}   -0.45{col 46}{space 3}0.656{col 54}{space 4}-.4760434{col 67}{space 3} .3000413
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} -.071526{col 26}{space 2} .0697357{col 37}{space 1}   -1.03{col 46}{space 3}0.306{col 54}{space 4}-.2086503{col 67}{space 3} .0655983
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .0279036{col 26}{space 2} .1372419{col 37}{space 1}    0.20{col 46}{space 3}0.839{col 54}{space 4}-.2419612{col 67}{space 3} .2977683
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} -.141701{col 26}{space 2} .1696835{col 37}{space 1}   -0.84{col 46}{space 3}0.404{col 54}{space 4}-.4753571{col 67}{space 3} .1919551
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.2303101{col 26}{space 2} .0768168{col 37}{space 1}   -3.00{col 46}{space 3}0.003{col 54}{space 4}-.3813583{col 67}{space 3}-.0792619
{txt}_Iprovinc~51 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .5316313{col 26}{space 2} .1632088{col 37}{space 1}    3.26{col 46}{space 3}0.001{col 54}{space 4} .2107065{col 67}{space 3}  .852556
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .0829059{col 26}{space 2} .0876296{col 37}{space 1}    0.95{col 46}{space 3}0.345{col 54}{space 4} -.089404{col 67}{space 3} .2552158
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.0836326{col 26}{space 2} .0933359{col 37}{space 1}   -0.90{col 46}{space 3}0.371{col 54}{space 4} -.267163{col 67}{space 3} .0998979
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7252444{col 26}{space 2} .0471746{col 37}{space 1}  -15.37{col 46}{space 3}0.000{col 54}{space 4} -.818006{col 67}{space 3}-.6324828
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6907261{col 26}{space 2} .0455332{col 37}{space 1}  -15.17{col 46}{space 3}0.000{col 54}{space 4}-.7802601{col 67}{space 3}-.6011921
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6503313{col 26}{space 2} .0381043{col 37}{space 1}  -17.07{col 46}{space 3}0.000{col 54}{space 4}-.7252575{col 67}{space 3}-.5754051
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2} -.754716{col 26}{space 2} .0406219{col 37}{space 1}  -18.58{col 46}{space 3}0.000{col 54}{space 4}-.8345926{col 67}{space 3}-.6748394
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7610332{col 26}{space 2} .0445192{col 37}{space 1}  -17.09{col 46}{space 3}0.000{col 54}{space 4}-.8485733{col 67}{space 3}-.6734932
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6763436{col 26}{space 2} .0501277{col 37}{space 1}  -13.49{col 46}{space 3}0.000{col 54}{space 4}-.7749119{col 67}{space 3}-.5777752
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8015501{col 26}{space 2} .0462504{col 37}{space 1}  -17.33{col 46}{space 3}0.000{col 54}{space 4}-.8924943{col 67}{space 3}-.7106059
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.729397{col 26}{space 2} .7899577{col 37}{space 1}    7.25{col 46}{space 3}0.000{col 54}{space 4} 4.176069{col 67}{space 3} 7.282726
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (374 categories)

{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==1&hkquint==5, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__23 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__51 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    1866
{col 56}{help j_robustsingular:F( 46, 373)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4192
{txt}{col 56}Adj R-squared ={res}  0.2488
{txt}{col 56}Root MSE      = {res} .46508

{txt}{ralign 78:(Std. Err. adjusted for {res:374} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0193205{col 26}{space 2} .0561117{col 37}{space 1}   -0.34{col 46}{space 3}0.731{col 54}{space 4}-.1296554{col 67}{space 3} .0910144
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0551197{col 26}{space 2} .0391525{col 37}{space 1}    1.41{col 46}{space 3}0.160{col 54}{space 4}-.0218676{col 67}{space 3}  .132107
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-2.82e-06{col 26}{space 2} 2.96e-06{col 37}{space 1}   -0.95{col 46}{space 3}0.340{col 54}{space 4}-8.64e-06{col 67}{space 3} 2.99e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0000954{col 26}{space 2} .0014588{col 37}{space 1}    0.07{col 46}{space 3}0.948{col 54}{space 4}-.0027731{col 67}{space 3}  .002964
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.8630088{col 26}{space 2} .1564953{col 37}{space 1}   -5.51{col 46}{space 3}0.000{col 54}{space 4}-1.170732{col 67}{space 3}-.5552851
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0521066{col 26}{space 2}   .02011{col 37}{space 1}   -2.59{col 46}{space 3}0.010{col 54}{space 4}-.0916498{col 67}{space 3}-.0125633
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.5036544{col 26}{space 2}  .247731{col 37}{space 1}   -2.03{col 46}{space 3}0.043{col 54}{space 4}-.9907788{col 67}{space 3}  -.01653
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0138512{col 26}{space 2} .2747137{col 37}{space 1}    0.05{col 46}{space 3}0.960{col 54}{space 4}-.5263305{col 67}{space 3} .5540328
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0401636{col 26}{space 2} .0073356{col 37}{space 1}    5.48{col 46}{space 3}0.000{col 54}{space 4} .0257392{col 67}{space 3}  .054588
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0027841{col 26}{space 2} .0013644{col 37}{space 1}    2.04{col 46}{space 3}0.042{col 54}{space 4} .0001012{col 67}{space 3}  .005467
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .1217551{col 26}{space 2} .2976196{col 37}{space 1}    0.41{col 46}{space 3}0.683{col 54}{space 4}-.4634675{col 67}{space 3} .7069776
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 3.39e-07{col 26}{space 2} 2.83e-07{col 37}{space 1}    1.20{col 46}{space 3}0.231{col 54}{space 4}-2.17e-07{col 67}{space 3} 8.96e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-3.57e-08{col 26}{space 2} 3.74e-07{col 37}{space 1}   -0.10{col 46}{space 3}0.924{col 54}{space 4}-7.71e-07{col 67}{space 3} 7.00e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0106947{col 26}{space 2}  .016935{col 37}{space 1}    0.63{col 46}{space 3}0.528{col 54}{space 4}-.0226053{col 67}{space 3} .0439948
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1020061{col 26}{space 2} .1028216{col 37}{space 1}    0.99{col 46}{space 3}0.322{col 54}{space 4}-.1001767{col 67}{space 3} .3041888
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .0388589{col 26}{space 2} .0944651{col 37}{space 1}    0.41{col 46}{space 3}0.681{col 54}{space 4} -.146892{col 67}{space 3} .2246098
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}  .058446{col 26}{space 2} .1024301{col 37}{space 1}    0.57{col 46}{space 3}0.569{col 54}{space 4}-.1429667{col 67}{space 3} .2598588
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .1165333{col 26}{space 2} .1501013{col 37}{space 1}    0.78{col 46}{space 3}0.438{col 54}{space 4}-.1786176{col 67}{space 3} .4116842
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .1230114{col 26}{space 2}  .100139{col 37}{space 1}    1.23{col 46}{space 3}0.220{col 54}{space 4}-.0738963{col 67}{space 3}  .319919
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0594656{col 26}{space 2}  .108744{col 37}{space 1}    0.55{col 46}{space 3}0.585{col 54}{space 4}-.1543625{col 67}{space 3} .2732936
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.4682535{col 26}{space 2} .4228741{col 37}{space 1}   -1.11{col 46}{space 3}0.269{col 54}{space 4} -1.29977{col 67}{space 3} .3632625
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .1009011{col 26}{space 2} .1136279{col 37}{space 1}    0.89{col 46}{space 3}0.375{col 54}{space 4}-.1225305{col 67}{space 3} .3243327
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}  .083495{col 26}{space 2}  .094134{col 37}{space 1}    0.89{col 46}{space 3}0.376{col 54}{space 4} -.101605{col 67}{space 3} .2685949
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0835638{col 26}{space 2} .1021944{col 37}{space 1}   -0.82{col 46}{space 3}0.414{col 54}{space 4}-.2845133{col 67}{space 3} .1173857
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.1975985{col 26}{space 2} .1750187{col 37}{space 1}   -1.13{col 46}{space 3}0.260{col 54}{space 4}-.5417456{col 67}{space 3} .1465485
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}{space 2} .0286405{col 26}{space 2} .1140297{col 37}{space 1}    0.25{col 46}{space 3}0.802{col 54}{space 4}-.1955811{col 67}{space 3} .2528622
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0406022{col 26}{space 2} .0971997{col 37}{space 1}   -0.42{col 46}{space 3}0.676{col 54}{space 4}-.2317302{col 67}{space 3} .1505258
{txt}_Iprovinc~23 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.1623628{col 26}{space 2} .0796196{col 37}{space 1}   -2.04{col 46}{space 3}0.042{col 54}{space 4}-.3189223{col 67}{space 3}-.0058034
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0174658{col 26}{space 2} .0939411{col 37}{space 1}   -0.19{col 46}{space 3}0.853{col 54}{space 4}-.2021862{col 67}{space 3} .1672547
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.0487387{col 26}{space 2} .0832158{col 37}{space 1}   -0.59{col 46}{space 3}0.558{col 54}{space 4}-.2123696{col 67}{space 3} .1148923
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.3359977{col 26}{space 2} .1428428{col 37}{space 1}   -2.35{col 46}{space 3}0.019{col 54}{space 4}-.6168758{col 67}{space 3}-.0551196
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.0743603{col 26}{space 2} .1002451{col 37}{space 1}   -0.74{col 46}{space 3}0.459{col 54}{space 4}-.2714767{col 67}{space 3}  .122756
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.0435616{col 26}{space 2} .1108302{col 37}{space 1}   -0.39{col 46}{space 3}0.695{col 54}{space 4} -.261492{col 67}{space 3} .1743688
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .0119929{col 26}{space 2} .1831664{col 37}{space 1}    0.07{col 46}{space 3}0.948{col 54}{space 4}-.3481752{col 67}{space 3} .3721611
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .0928819{col 26}{space 2} .2428307{col 37}{space 1}    0.38{col 46}{space 3}0.702{col 54}{space 4}-.3846068{col 67}{space 3} .5703707
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .1001759{col 26}{space 2} .2971806{col 37}{space 1}    0.34{col 46}{space 3}0.736{col 54}{space 4}-.4841835{col 67}{space 3} .6845353
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.1163474{col 26}{space 2} .0868485{col 37}{space 1}   -1.34{col 46}{space 3}0.181{col 54}{space 4}-.2871216{col 67}{space 3} .0544267
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .1354445{col 26}{space 2} .1729853{col 37}{space 1}    0.78{col 46}{space 3}0.434{col 54}{space 4}-.2047042{col 67}{space 3} .4755932
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.1739858{col 26}{space 2} .1766482{col 37}{space 1}   -0.98{col 46}{space 3}0.325{col 54}{space 4} -.521337{col 67}{space 3} .1733654
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.3523293{col 26}{space 2} .0994565{col 37}{space 1}   -3.54{col 46}{space 3}0.000{col 54}{space 4} -.547895{col 67}{space 3}-.1567636
{txt}_Iprovinc~51 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .4606823{col 26}{space 2} .1626494{col 37}{space 1}    2.83{col 46}{space 3}0.005{col 54}{space 4} .1408576{col 67}{space 3}  .780507
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.1187724{col 26}{space 2}   .11578{col 37}{space 1}   -1.03{col 46}{space 3}0.306{col 54}{space 4}-.3464357{col 67}{space 3} .1088909
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.0802084{col 26}{space 2}  .122432{col 37}{space 1}   -0.66{col 46}{space 3}0.513{col 54}{space 4} -.320952{col 67}{space 3} .1605351
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6491552{col 26}{space 2} .0628027{col 37}{space 1}  -10.34{col 46}{space 3}0.000{col 54}{space 4}-.7726469{col 67}{space 3}-.5256635
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6433833{col 26}{space 2} .0624498{col 37}{space 1}  -10.30{col 46}{space 3}0.000{col 54}{space 4}-.7661811{col 67}{space 3}-.5205856
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5664974{col 26}{space 2} .0488976{col 37}{space 1}  -11.59{col 46}{space 3}0.000{col 54}{space 4}-.6626468{col 67}{space 3}-.4703479
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7222405{col 26}{space 2} .0576406{col 37}{space 1}  -12.53{col 46}{space 3}0.000{col 54}{space 4}-.8355817{col 67}{space 3}-.6088993
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} -.751609{col 26}{space 2} .0609766{col 37}{space 1}  -12.33{col 46}{space 3}0.000{col 54}{space 4}-.8715099{col 67}{space 3}-.6317081
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6714757{col 26}{space 2}  .064499{col 37}{space 1}  -10.41{col 46}{space 3}0.000{col 54}{space 4} -.798303{col 67}{space 3}-.5446485
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7860837{col 26}{space 2} .0596851{col 37}{space 1}  -13.17{col 46}{space 3}0.000{col 54}{space 4}-.9034452{col 67}{space 3}-.6687222
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 5.703363{col 26}{space 2} .8567447{col 37}{space 1}    6.66{col 46}{space 3}0.000{col 54}{space 4} 4.018708{col 67}{space 3} 7.388018
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (374 categories)

{com}. 
.         * non-jv sample
. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==1, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    2702
{col 56}{help j_robustsingular:F( 49, 368)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3884
{txt}{col 56}Adj R-squared ={res}  0.2761
{txt}{col 56}Root MSE      = {res} .45013

{txt}{ralign 78:(Std. Err. adjusted for {res:369} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} -.005325{col 26}{space 2} .0366779{col 37}{space 1}   -0.15{col 46}{space 3}0.885{col 54}{space 4}-.0774495{col 67}{space 3} .0667995
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0119247{col 26}{space 2} .0362436{col 37}{space 1}   -0.33{col 46}{space 3}0.742{col 54}{space 4}-.0831953{col 67}{space 3} .0593459
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} .0000121{col 26}{space 2} 7.58e-06{col 37}{space 1}    1.59{col 46}{space 3}0.112{col 54}{space 4}-2.84e-06{col 67}{space 3}  .000027
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0045659{col 26}{space 2} .0050346{col 37}{space 1}   -0.91{col 46}{space 3}0.365{col 54}{space 4}-.0144661{col 67}{space 3} .0053342
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.2561062{col 26}{space 2} .1692173{col 37}{space 1}   -1.51{col 46}{space 3}0.131{col 54}{space 4}-.5888604{col 67}{space 3} .0766479
{txt}{space 9}age {c |}{col 14}{res}{space 2} -.116817{col 26}{space 2} .0110441{col 37}{space 1}  -10.58{col 46}{space 3}0.000{col 54}{space 4}-.1385345{col 67}{space 3}-.0950995
{txt}{space 7}effic {c |}{col 14}{res}{space 2} -.139507{col 26}{space 2} .3091175{col 37}{space 1}   -0.45{col 46}{space 3}0.652{col 54}{space 4}-.7473654{col 67}{space 3} .4683513
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .1126795{col 26}{space 2}  .168996{col 37}{space 1}    0.67{col 46}{space 3}0.505{col 54}{space 4}-.2196395{col 67}{space 3} .4449985
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0104819{col 26}{space 2} .0086628{col 37}{space 1}    1.21{col 46}{space 3}0.227{col 54}{space 4}-.0065529{col 67}{space 3} .0275167
{txt}{space 7}agesq {c |}{col 14}{res}{space 2}  .006232{col 26}{space 2} .0008557{col 37}{space 1}    7.28{col 46}{space 3}0.000{col 54}{space 4} .0045493{col 67}{space 3} .0079148
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .0722294{col 26}{space 2} .1802045{col 37}{space 1}    0.40{col 46}{space 3}0.689{col 54}{space 4}-.2821304{col 67}{space 3} .4265892
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 2.72e-07{col 26}{space 2} 4.97e-07{col 37}{space 1}    0.55{col 46}{space 3}0.584{col 54}{space 4}-7.05e-07{col 67}{space 3} 1.25e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2}-3.76e-07{col 26}{space 2} 3.75e-07{col 37}{space 1}   -1.00{col 46}{space 3}0.317{col 54}{space 4}-1.11e-06{col 67}{space 3} 3.62e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2} .0038072{col 26}{space 2} .0146885{col 37}{space 1}    0.26{col 46}{space 3}0.796{col 54}{space 4}-.0250767{col 67}{space 3}  .032691
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.0336637{col 26}{space 2} .2634913{col 37}{space 1}   -0.13{col 46}{space 3}0.898{col 54}{space 4}-.5518013{col 67}{space 3} .4844738
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.1280532{col 26}{space 2} .1504613{col 37}{space 1}   -0.85{col 46}{space 3}0.395{col 54}{space 4}-.4239251{col 67}{space 3} .1678187
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0347896{col 26}{space 2} .1343265{col 37}{space 1}   -0.26{col 46}{space 3}0.796{col 54}{space 4}-.2989334{col 67}{space 3} .2293542
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .2677969{col 26}{space 2} .2958692{col 37}{space 1}    0.91{col 46}{space 3}0.366{col 54}{space 4}-.3140094{col 67}{space 3} .8496033
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.0643933{col 26}{space 2} .1361385{col 37}{space 1}   -0.47{col 46}{space 3}0.636{col 54}{space 4}-.3321003{col 67}{space 3} .2033137
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.0717035{col 26}{space 2} .1323606{col 37}{space 1}   -0.54{col 46}{space 3}0.588{col 54}{space 4}-.3319816{col 67}{space 3} .1885746
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.0915091{col 26}{space 2} .1371884{col 37}{space 1}   -0.67{col 46}{space 3}0.505{col 54}{space 4}-.3612805{col 67}{space 3} .1782624
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.1054223{col 26}{space 2} .1310517{col 37}{space 1}   -0.80{col 46}{space 3}0.422{col 54}{space 4}-.3631264{col 67}{space 3} .1522818
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .3286122{col 26}{space 2}  .225807{col 37}{space 1}    1.46{col 46}{space 3}0.146{col 54}{space 4}-.1154216{col 67}{space 3} .7726461
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .3853179{col 26}{space 2} .2324227{col 37}{space 1}    1.66{col 46}{space 3}0.098{col 54}{space 4}-.0717254{col 67}{space 3} .8423611
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .2643212{col 26}{space 2} .2204068{col 37}{space 1}    1.20{col 46}{space 3}0.231{col 54}{space 4}-.1690936{col 67}{space 3} .6977359
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .3143115{col 26}{space 2} .2528058{col 37}{space 1}    1.24{col 46}{space 3}0.215{col 54}{space 4}-.1828138{col 67}{space 3} .8114367
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .2619892{col 26}{space 2} .2260054{col 37}{space 1}    1.16{col 46}{space 3}0.247{col 54}{space 4}-.1824349{col 67}{space 3} .7064134
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .2914923{col 26}{space 2} .2136847{col 37}{space 1}    1.36{col 46}{space 3}0.173{col 54}{space 4} -.128704{col 67}{space 3} .7116886
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .3355861{col 26}{space 2} .2307161{col 37}{space 1}    1.45{col 46}{space 3}0.147{col 54}{space 4}-.1181013{col 67}{space 3} .7892735
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .2977401{col 26}{space 2} .2872348{col 37}{space 1}    1.04{col 46}{space 3}0.301{col 54}{space 4}-.2670874{col 67}{space 3} .8625677
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .2327912{col 26}{space 2} .2172345{col 37}{space 1}    1.07{col 46}{space 3}0.285{col 54}{space 4}-.1943856{col 67}{space 3}  .659968
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .3813699{col 26}{space 2} .2846945{col 37}{space 1}    1.34{col 46}{space 3}0.181{col 54}{space 4}-.1784622{col 67}{space 3}  .941202
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .3131342{col 26}{space 2} .2191173{col 37}{space 1}    1.43{col 46}{space 3}0.154{col 54}{space 4} -.117745{col 67}{space 3} .7440134
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .3518546{col 26}{space 2} .2222474{col 37}{space 1}    1.58{col 46}{space 3}0.114{col 54}{space 4}-.0851797{col 67}{space 3} .7888889
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .3146441{col 26}{space 2} .3003161{col 37}{space 1}    1.05{col 46}{space 3}0.295{col 54}{space 4}-.2759069{col 67}{space 3}  .905195
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .3430439{col 26}{space 2} .2789596{col 37}{space 1}    1.23{col 46}{space 3}0.220{col 54}{space 4} -.205511{col 67}{space 3} .8915987
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .3298784{col 26}{space 2} .2125699{col 37}{space 1}    1.55{col 46}{space 3}0.122{col 54}{space 4}-.0881256{col 67}{space 3} .7478825
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .2286708{col 26}{space 2} .2508848{col 37}{space 1}    0.91{col 46}{space 3}0.363{col 54}{space 4}-.2646768{col 67}{space 3} .7220184
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .0315111{col 26}{space 2} .3174626{col 37}{space 1}    0.10{col 46}{space 3}0.921{col 54}{space 4}-.5927572{col 67}{space 3} .6557794
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .2100978{col 26}{space 2} .2452243{col 37}{space 1}    0.86{col 46}{space 3}0.392{col 54}{space 4}-.2721188{col 67}{space 3} .6923145
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .5872384{col 26}{space 2} .2735511{col 37}{space 1}    2.15{col 46}{space 3}0.032{col 54}{space 4}  .049319{col 67}{space 3} 1.125158
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}  .173936{col 26}{space 2} .2220252{col 37}{space 1}    0.78{col 46}{space 3}0.434{col 54}{space 4}-.2626612{col 67}{space 3} .6105332
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2} .0858136{col 26}{space 2} .3778981{col 37}{space 1}    0.23{col 46}{space 3}0.820{col 54}{space 4} -.657297{col 67}{space 3} .8289242
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} .1557368{col 26}{space 2} .2471969{col 37}{space 1}    0.63{col 46}{space 3}0.529{col 54}{space 4}-.3303589{col 67}{space 3} .6418325
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.5554053{col 26}{space 2} .0344969{col 37}{space 1}  -16.10{col 46}{space 3}0.000{col 54}{space 4}-.6232411{col 67}{space 3}-.4875695
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6349173{col 26}{space 2} .0370957{col 37}{space 1}  -17.12{col 46}{space 3}0.000{col 54}{space 4}-.7078633{col 67}{space 3}-.5619712
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5299463{col 26}{space 2} .0412197{col 37}{space 1}  -12.86{col 46}{space 3}0.000{col 54}{space 4} -.611002{col 67}{space 3}-.4488906
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6034733{col 26}{space 2} .0327786{col 37}{space 1}  -18.41{col 46}{space 3}0.000{col 54}{space 4}-.6679303{col 67}{space 3}-.5390164
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6643564{col 26}{space 2} .0404133{col 37}{space 1}  -16.44{col 46}{space 3}0.000{col 54}{space 4}-.7438265{col 67}{space 3}-.5848864
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.4710473{col 26}{space 2} .0427721{col 37}{space 1}  -11.01{col 46}{space 3}0.000{col 54}{space 4}-.5551557{col 67}{space 3}-.3869389
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7310758{col 26}{space 2} .0577878{col 37}{space 1}  -12.65{col 46}{space 3}0.000{col 54}{space 4}-.8447116{col 67}{space 3}  -.61744
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 2.526936{col 26}{space 2} .8599448{col 37}{space 1}    2.94{col 46}{space 3}0.004{col 54}{space 4} .8359133{col 67}{space 3} 4.217958
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (369 categories)

{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==1, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    2702
{col 56}{help j_robustsingular:F( 49, 368)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3806
{txt}{col 56}Adj R-squared ={res}  0.2669
{txt}{col 56}Root MSE      = {res} .44689

{txt}{ralign 78:(Std. Err. adjusted for {res:369} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0147203{col 26}{space 2} .0406673{col 37}{space 1}    0.36{col 46}{space 3}0.718{col 54}{space 4}-.0652492{col 67}{space 3} .0946897
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0139377{col 26}{space 2}  .034951{col 37}{space 1}   -0.40{col 46}{space 3}0.690{col 54}{space 4}-.0826665{col 67}{space 3} .0547911
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} .0000138{col 26}{space 2} 7.73e-06{col 37}{space 1}    1.78{col 46}{space 3}0.075{col 54}{space 4}-1.42e-06{col 67}{space 3}  .000029
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0064544{col 26}{space 2}  .005239{col 37}{space 1}   -1.23{col 46}{space 3}0.219{col 54}{space 4}-.0167566{col 67}{space 3} .0038478
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.1480167{col 26}{space 2} .1538571{col 37}{space 1}   -0.96{col 46}{space 3}0.337{col 54}{space 4}-.4505661{col 67}{space 3} .1545327
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1147457{col 26}{space 2} .0115656{col 37}{space 1}   -9.92{col 46}{space 3}0.000{col 54}{space 4}-.1374887{col 67}{space 3}-.0920027
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0398751{col 26}{space 2} .2797636{col 37}{space 1}   -0.14{col 46}{space 3}0.887{col 54}{space 4} -.590011{col 67}{space 3} .5102607
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}  .122049{col 26}{space 2} .1719132{col 37}{space 1}    0.71{col 46}{space 3}0.478{col 54}{space 4}-.2160065{col 67}{space 3} .4601045
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0041223{col 26}{space 2} .0078525{col 37}{space 1}    0.52{col 46}{space 3}0.600{col 54}{space 4}-.0113191{col 67}{space 3} .0195637
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0060282{col 26}{space 2} .0008652{col 37}{space 1}    6.97{col 46}{space 3}0.000{col 54}{space 4} .0043269{col 67}{space 3} .0077295
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .0523764{col 26}{space 2} .1782905{col 37}{space 1}    0.29{col 46}{space 3}0.769{col 54}{space 4}-.2982197{col 67}{space 3} .4029724
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 1.49e-07{col 26}{space 2} 4.39e-07{col 37}{space 1}    0.34{col 46}{space 3}0.734{col 54}{space 4}-7.15e-07{col 67}{space 3} 1.01e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 4.06e-07{col 26}{space 2} 3.73e-07{col 37}{space 1}    1.09{col 46}{space 3}0.276{col 54}{space 4}-3.26e-07{col 67}{space 3} 1.14e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0087094{col 26}{space 2} .0150861{col 37}{space 1}   -0.58{col 46}{space 3}0.564{col 54}{space 4}-.0383752{col 67}{space 3} .0209565
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.0745522{col 26}{space 2} .2979446{col 37}{space 1}   -0.25{col 46}{space 3}0.803{col 54}{space 4}-.6604397{col 67}{space 3} .5113354
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.2035406{col 26}{space 2} .2236611{col 37}{space 1}   -0.91{col 46}{space 3}0.363{col 54}{space 4}-.6433547{col 67}{space 3} .2362735
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} -.120388{col 26}{space 2} .2113189{col 37}{space 1}   -0.57{col 46}{space 3}0.569{col 54}{space 4} -.535932{col 67}{space 3} .2951561
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}  .152317{col 26}{space 2} .3174875{col 37}{space 1}    0.48{col 46}{space 3}0.632{col 54}{space 4}-.4720003{col 67}{space 3} .7766343
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.1297314{col 26}{space 2} .2125744{col 37}{space 1}   -0.61{col 46}{space 3}0.542{col 54}{space 4}-.5477444{col 67}{space 3} .2882817
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.1567601{col 26}{space 2} .2111349{col 37}{space 1}   -0.74{col 46}{space 3}0.458{col 54}{space 4}-.5719424{col 67}{space 3} .2584221
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.1779753{col 26}{space 2} .2126506{col 37}{space 1}   -0.84{col 46}{space 3}0.403{col 54}{space 4} -.596138{col 67}{space 3} .2401875
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.1699086{col 26}{space 2} .2095349{col 37}{space 1}   -0.81{col 46}{space 3}0.418{col 54}{space 4}-.5819446{col 67}{space 3} .2421273
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .3258631{col 26}{space 2} .2957489{col 37}{space 1}    1.10{col 46}{space 3}0.271{col 54}{space 4}-.2557067{col 67}{space 3}  .907433
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .4241603{col 26}{space 2} .3016203{col 37}{space 1}    1.41{col 46}{space 3}0.160{col 54}{space 4}-.1689553{col 67}{space 3} 1.017276
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}  .282124{col 26}{space 2} .2947392{col 37}{space 1}    0.96{col 46}{space 3}0.339{col 54}{space 4}-.2974604{col 67}{space 3} .8617083
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .3668137{col 26}{space 2} .3095953{col 37}{space 1}    1.18{col 46}{space 3}0.237{col 54}{space 4}-.2419841{col 67}{space 3} .9756115
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .2317484{col 26}{space 2} .2970753{col 37}{space 1}    0.78{col 46}{space 3}0.436{col 54}{space 4}-.3524297{col 67}{space 3} .8159266
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .3120425{col 26}{space 2} .2860647{col 37}{space 1}    1.09{col 46}{space 3}0.276{col 54}{space 4} -.250484{col 67}{space 3}  .874569
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .3388033{col 26}{space 2} .2975917{col 37}{space 1}    1.14{col 46}{space 3}0.256{col 54}{space 4}-.2463904{col 67}{space 3} .9239969
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}  .284851{col 26}{space 2} .3372886{col 37}{space 1}    0.84{col 46}{space 3}0.399{col 54}{space 4} -.378404{col 67}{space 3} .9481059
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .2353299{col 26}{space 2} .2885808{col 37}{space 1}    0.82{col 46}{space 3}0.415{col 54}{space 4}-.3321444{col 67}{space 3} .8028042
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .4576045{col 26}{space 2} .3115964{col 37}{space 1}    1.47{col 46}{space 3}0.143{col 54}{space 4}-.1551284{col 67}{space 3} 1.070337
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .3280815{col 26}{space 2} .2923702{col 37}{space 1}    1.12{col 46}{space 3}0.263{col 54}{space 4}-.2468445{col 67}{space 3} .9030075
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .3427768{col 26}{space 2} .2826087{col 37}{space 1}    1.21{col 46}{space 3}0.226{col 54}{space 4}-.2129537{col 67}{space 3} .8985073
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .2860331{col 26}{space 2} .3336856{col 37}{space 1}    0.86{col 46}{space 3}0.392{col 54}{space 4}-.3701367{col 67}{space 3} .9422029
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .2984265{col 26}{space 2} .3332425{col 37}{space 1}    0.90{col 46}{space 3}0.371{col 54}{space 4} -.356872{col 67}{space 3} .9537249
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .3275588{col 26}{space 2} .2842474{col 37}{space 1}    1.15{col 46}{space 3}0.250{col 54}{space 4}-.2313942{col 67}{space 3} .8865117
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .2503514{col 26}{space 2} .3232031{col 37}{space 1}    0.77{col 46}{space 3}0.439{col 54}{space 4}-.3852052{col 67}{space 3} .8859081
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.0248676{col 26}{space 2} .3670852{col 37}{space 1}   -0.07{col 46}{space 3}0.946{col 54}{space 4}-.7467154{col 67}{space 3} .6969802
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .1192047{col 26}{space 2} .3113494{col 37}{space 1}    0.38{col 46}{space 3}0.702{col 54}{space 4}-.4930426{col 67}{space 3} .7314519
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .5493101{col 26}{space 2} .3404078{col 37}{space 1}    1.61{col 46}{space 3}0.107{col 54}{space 4}-.1200785{col 67}{space 3} 1.218699
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .2633456{col 26}{space 2} .2932856{col 37}{space 1}    0.90{col 46}{space 3}0.370{col 54}{space 4}-.3133804{col 67}{space 3} .8400716
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2} .0475816{col 26}{space 2}  .403435{col 37}{space 1}    0.12{col 46}{space 3}0.906{col 54}{space 4}-.7457455{col 67}{space 3} .8409087
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} -.076184{col 26}{space 2} .3135695{col 37}{space 1}   -0.24{col 46}{space 3}0.808{col 54}{space 4}-.6927968{col 67}{space 3} .5404288
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.5613169{col 26}{space 2} .0342074{col 37}{space 1}  -16.41{col 46}{space 3}0.000{col 54}{space 4}-.6285834{col 67}{space 3}-.4940504
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6101043{col 26}{space 2} .0377623{col 37}{space 1}  -16.16{col 46}{space 3}0.000{col 54}{space 4}-.6843612{col 67}{space 3}-.5358474
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5150587{col 26}{space 2} .0395959{col 37}{space 1}  -13.01{col 46}{space 3}0.000{col 54}{space 4}-.5929214{col 67}{space 3} -.437196
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6040587{col 26}{space 2} .0329323{col 37}{space 1}  -18.34{col 46}{space 3}0.000{col 54}{space 4}-.6688178{col 67}{space 3}-.5392997
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6597239{col 26}{space 2} .0400624{col 37}{space 1}  -16.47{col 46}{space 3}0.000{col 54}{space 4}-.7385039{col 67}{space 3}-.5809439
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.4762251{col 26}{space 2} .0452367{col 37}{space 1}  -10.53{col 46}{space 3}0.000{col 54}{space 4}  -.56518{col 67}{space 3}-.3872702
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7298416{col 26}{space 2} .0562611{col 37}{space 1}  -12.97{col 46}{space 3}0.000{col 54}{space 4}-.8404752{col 67}{space 3}-.6192081
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 2.160287{col 26}{space 2} .8200331{col 37}{space 1}    2.63{col 46}{space 3}0.009{col 54}{space 4} .5477479{col 67}{space 3} 3.772825
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (369 categories)

{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==1, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    2702
{col 56}{help j_robustsingular:F( 49, 368)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3173
{txt}{col 56}Adj R-squared ={res}  0.1920
{txt}{col 56}Root MSE      = {res} .55225

{txt}{ralign 78:(Std. Err. adjusted for {res:369} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0278444{col 26}{space 2} .0464021{col 37}{space 1}    0.60{col 46}{space 3}0.549{col 54}{space 4}-.0634022{col 67}{space 3} .1190909
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0141894{col 26}{space 2} .0417032{col 37}{space 1}   -0.34{col 46}{space 3}0.734{col 54}{space 4}-.0961958{col 67}{space 3} .0678171
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} .0000154{col 26}{space 2} 8.40e-06{col 37}{space 1}    1.83{col 46}{space 3}0.068{col 54}{space 4}-1.12e-06{col 67}{space 3} .0000319
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} -.006647{col 26}{space 2} .0064846{col 37}{space 1}   -1.03{col 46}{space 3}0.306{col 54}{space 4}-.0193984{col 67}{space 3} .0061045
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.1069774{col 26}{space 2} .1904189{col 37}{space 1}   -0.56{col 46}{space 3}0.575{col 54}{space 4}-.4814231{col 67}{space 3} .2674683
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1149206{col 26}{space 2} .0139458{col 37}{space 1}   -8.24{col 46}{space 3}0.000{col 54}{space 4} -.142344{col 67}{space 3}-.0874972
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2543129{col 26}{space 2} .3418866{col 37}{space 1}   -0.74{col 46}{space 3}0.457{col 54}{space 4}-.9266094{col 67}{space 3} .4179835
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .1128312{col 26}{space 2} .2065932{col 37}{space 1}    0.55{col 46}{space 3}0.585{col 54}{space 4}-.2934202{col 67}{space 3} .5190826
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0023818{col 26}{space 2} .0098089{col 37}{space 1}    0.24{col 46}{space 3}0.808{col 54}{space 4}-.0169067{col 67}{space 3} .0216702
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0057338{col 26}{space 2} .0010488{col 37}{space 1}    5.47{col 46}{space 3}0.000{col 54}{space 4} .0036714{col 67}{space 3} .0077963
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}  .136448{col 26}{space 2} .2334062{col 37}{space 1}    0.58{col 46}{space 3}0.559{col 54}{space 4}-.3225292{col 67}{space 3} .5954253
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 4.19e-07{col 26}{space 2} 5.12e-07{col 37}{space 1}    0.82{col 46}{space 3}0.414{col 54}{space 4}-5.88e-07{col 67}{space 3} 1.43e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 5.32e-07{col 26}{space 2} 4.06e-07{col 37}{space 1}    1.31{col 46}{space 3}0.191{col 54}{space 4}-2.67e-07{col 67}{space 3} 1.33e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0173691{col 26}{space 2} .0158112{col 37}{space 1}   -1.10{col 46}{space 3}0.273{col 54}{space 4}-.0484606{col 67}{space 3} .0137225
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .2955715{col 26}{space 2} .3614033{col 37}{space 1}    0.82{col 46}{space 3}0.414{col 54}{space 4}-.4151033{col 67}{space 3} 1.006246
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.2030168{col 26}{space 2} .2634298{col 37}{space 1}   -0.77{col 46}{space 3}0.441{col 54}{space 4}-.7210333{col 67}{space 3} .3149997
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.1628463{col 26}{space 2} .2519478{col 37}{space 1}   -0.65{col 46}{space 3}0.518{col 54}{space 4}-.6582844{col 67}{space 3} .3325918
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.0370421{col 26}{space 2} .4576881{col 37}{space 1}   -0.08{col 46}{space 3}0.936{col 54}{space 4}-.9370542{col 67}{space 3} .8629701
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.1384539{col 26}{space 2} .2522519{col 37}{space 1}   -0.55{col 46}{space 3}0.583{col 54}{space 4}-.6344899{col 67}{space 3} .3575822
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.1554097{col 26}{space 2} .2511501{col 37}{space 1}   -0.62{col 46}{space 3}0.536{col 54}{space 4}-.6492791{col 67}{space 3} .3384598
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.2048632{col 26}{space 2} .2514528{col 37}{space 1}   -0.81{col 46}{space 3}0.416{col 54}{space 4}-.6993278{col 67}{space 3} .2896015
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.2005384{col 26}{space 2} .2487845{col 37}{space 1}   -0.81{col 46}{space 3}0.421{col 54}{space 4}-.6897562{col 67}{space 3} .2886793
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .4493459{col 26}{space 2} .4835393{col 37}{space 1}    0.93{col 46}{space 3}0.353{col 54}{space 4} -.501501{col 67}{space 3} 1.400193
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .5951357{col 26}{space 2} .4875518{col 37}{space 1}    1.22{col 46}{space 3}0.223{col 54}{space 4}-.3636014{col 67}{space 3} 1.553873
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}  .425356{col 26}{space 2} .4873891{col 37}{space 1}    0.87{col 46}{space 3}0.383{col 54}{space 4}-.5330612{col 67}{space 3} 1.383773
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .4925132{col 26}{space 2} .4969639{col 37}{space 1}    0.99{col 46}{space 3}0.322{col 54}{space 4}-.4847323{col 67}{space 3} 1.469759
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}  .369463{col 26}{space 2} .4892623{col 37}{space 1}    0.76{col 46}{space 3}0.451{col 54}{space 4}-.5926377{col 67}{space 3} 1.331564
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .4564098{col 26}{space 2} .4714481{col 37}{space 1}    0.97{col 46}{space 3}0.334{col 54}{space 4}-.4706605{col 67}{space 3}  1.38348
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .5595493{col 26}{space 2} .4831331{col 37}{space 1}    1.16{col 46}{space 3}0.248{col 54}{space 4}-.3904987{col 67}{space 3} 1.509597
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .4169335{col 26}{space 2} .5092937{col 37}{space 1}    0.82{col 46}{space 3}0.414{col 54}{space 4}-.5845575{col 67}{space 3} 1.418425
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .3965568{col 26}{space 2} .4764531{col 37}{space 1}    0.83{col 46}{space 3}0.406{col 54}{space 4}-.5403556{col 67}{space 3} 1.333469
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2} .6348009{col 26}{space 2} .4930504{col 37}{space 1}    1.29{col 46}{space 3}0.199{col 54}{space 4}-.3347488{col 67}{space 3} 1.604351
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}  .473057{col 26}{space 2} .4833289{col 37}{space 1}    0.98{col 46}{space 3}0.328{col 54}{space 4} -.477376{col 67}{space 3}  1.42349
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} .5106705{col 26}{space 2}  .463204{col 37}{space 1}    1.10{col 46}{space 3}0.271{col 54}{space 4}-.4001884{col 67}{space 3} 1.421529
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .4052623{col 26}{space 2} .5060806{col 37}{space 1}    0.80{col 46}{space 3}0.424{col 54}{space 4}-.5899103{col 67}{space 3} 1.400435
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .4610402{col 26}{space 2} .5257034{col 37}{space 1}    0.88{col 46}{space 3}0.381{col 54}{space 4}-.5727194{col 67}{space 3}   1.4948
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .4726397{col 26}{space 2}  .471239{col 37}{space 1}    1.00{col 46}{space 3}0.317{col 54}{space 4}-.4540193{col 67}{space 3} 1.399299
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .2670777{col 26}{space 2} .5159254{col 37}{space 1}    0.52{col 46}{space 3}0.605{col 54}{space 4}-.7474541{col 67}{space 3}  1.28161
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.2874303{col 26}{space 2} .5688705{col 37}{space 1}   -0.51{col 46}{space 3}0.614{col 54}{space 4}-1.406075{col 67}{space 3} .8312144
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .3254458{col 26}{space 2} .5206829{col 37}{space 1}    0.63{col 46}{space 3}0.532{col 54}{space 4}-.6984414{col 67}{space 3} 1.349333
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .6249399{col 26}{space 2} .5257857{col 37}{space 1}    1.19{col 46}{space 3}0.235{col 54}{space 4}-.4089815{col 67}{space 3} 1.658861
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .2852979{col 26}{space 2} .4799274{col 37}{space 1}    0.59{col 46}{space 3}0.553{col 54}{space 4}-.6584463{col 67}{space 3} 1.229042
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2} .3140315{col 26}{space 2} .5163633{col 37}{space 1}    0.61{col 46}{space 3}0.543{col 54}{space 4}-.7013614{col 67}{space 3} 1.329424
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} .1978185{col 26}{space 2}  .506755{col 37}{space 1}    0.39{col 46}{space 3}0.696{col 54}{space 4}-.7986803{col 67}{space 3} 1.194317
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.485123{col 26}{space 2} .0414872{col 37}{space 1}  -11.69{col 46}{space 3}0.000{col 54}{space 4}-.5667047{col 67}{space 3}-.4035412
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6194292{col 26}{space 2} .0425068{col 37}{space 1}  -14.57{col 46}{space 3}0.000{col 54}{space 4} -.703016{col 67}{space 3}-.5358424
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5013767{col 26}{space 2} .0460447{col 37}{space 1}  -10.89{col 46}{space 3}0.000{col 54}{space 4}-.5919205{col 67}{space 3}-.4108329
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.5797811{col 26}{space 2} .0390073{col 37}{space 1}  -14.86{col 46}{space 3}0.000{col 54}{space 4}-.6564863{col 67}{space 3}-.5030759
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} -.647102{col 26}{space 2} .0468116{col 37}{space 1}  -13.82{col 46}{space 3}0.000{col 54}{space 4}-.7391537{col 67}{space 3}-.5550503
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.4219187{col 26}{space 2} .0507176{col 37}{space 1}   -8.32{col 46}{space 3}0.000{col 54}{space 4}-.5216514{col 67}{space 3}-.3221861
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7047385{col 26}{space 2} .0679511{col 37}{space 1}  -10.37{col 46}{space 3}0.000{col 54}{space 4}-.8383597{col 67}{space 3}-.5711172
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 1.805352{col 26}{space 2} 1.067471{col 37}{space 1}    1.69{col 46}{space 3}0.092{col 54}{space 4}-.2937571{col 67}{space 3} 3.904461
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (369 categories)

{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==2, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    3056
{col 56}{help j_robustsingular:F( 49, 406)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3647
{txt}{col 56}Adj R-squared ={res}  0.2526
{txt}{col 56}Root MSE      = {res} .42119

{txt}{ralign 78:(Std. Err. adjusted for {res:407} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0613449{col 26}{space 2} .0352123{col 37}{space 1}    1.74{col 46}{space 3}0.082{col 54}{space 4}-.0078764{col 67}{space 3} .1305661
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0137936{col 26}{space 2} .0305366{col 37}{space 1}   -0.45{col 46}{space 3}0.652{col 54}{space 4}-.0738231{col 67}{space 3}  .046236
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 2.15e-06{col 26}{space 2} 3.48e-06{col 37}{space 1}    0.62{col 46}{space 3}0.538{col 54}{space 4}-4.70e-06{col 67}{space 3} 9.00e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0085118{col 26}{space 2} .0105745{col 37}{space 1}    0.80{col 46}{space 3}0.421{col 54}{space 4}-.0122759{col 67}{space 3} .0292994
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.4212077{col 26}{space 2} .1318325{col 37}{space 1}   -3.20{col 46}{space 3}0.002{col 54}{space 4}-.6803672{col 67}{space 3}-.1620483
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0995223{col 26}{space 2} .0115487{col 37}{space 1}   -8.62{col 46}{space 3}0.000{col 54}{space 4} -.122225{col 67}{space 3}-.0768195
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.4717256{col 26}{space 2} .2731331{col 37}{space 1}   -1.73{col 46}{space 3}0.085{col 54}{space 4}-1.008657{col 67}{space 3}  .065206
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .1220101{col 26}{space 2} .1426103{col 37}{space 1}    0.86{col 46}{space 3}0.393{col 54}{space 4}-.1583367{col 67}{space 3} .4023569
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0188434{col 26}{space 2} .0068225{col 37}{space 1}    2.76{col 46}{space 3}0.006{col 54}{space 4} .0054315{col 67}{space 3} .0322553
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0045171{col 26}{space 2} .0008228{col 37}{space 1}    5.49{col 46}{space 3}0.000{col 54}{space 4} .0028997{col 67}{space 3} .0061345
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .0136082{col 26}{space 2} .1661318{col 37}{space 1}    0.08{col 46}{space 3}0.935{col 54}{space 4}-.3129777{col 67}{space 3} .3401941
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 5.77e-07{col 26}{space 2} 4.28e-07{col 37}{space 1}    1.35{col 46}{space 3}0.179{col 54}{space 4}-2.65e-07{col 67}{space 3} 1.42e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2}-2.09e-07{col 26}{space 2} 3.23e-07{col 37}{space 1}   -0.65{col 46}{space 3}0.518{col 54}{space 4}-8.45e-07{col 67}{space 3} 4.26e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0110513{col 26}{space 2} .0229277{col 37}{space 1}   -0.48{col 46}{space 3}0.630{col 54}{space 4}-.0561231{col 67}{space 3} .0340204
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.8417433{col 26}{space 2} .3350964{col 37}{space 1}   -2.51{col 46}{space 3}0.012{col 54}{space 4}-1.500484{col 67}{space 3}-.1830026
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} -.531883{col 26}{space 2} .2767914{col 37}{space 1}   -1.92{col 46}{space 3}0.055{col 54}{space 4}-1.076006{col 67}{space 3} .0122403
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} -.565585{col 26}{space 2}   .27574{col 37}{space 1}   -2.05{col 46}{space 3}0.041{col 54}{space 4}-1.107641{col 67}{space 3}-.0235287
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.6448951{col 26}{space 2} .2766677{col 37}{space 1}   -2.33{col 46}{space 3}0.020{col 54}{space 4}-1.188775{col 67}{space 3}-.1010152
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.6478533{col 26}{space 2} .2746333{col 37}{space 1}   -2.36{col 46}{space 3}0.019{col 54}{space 4}-1.187734{col 67}{space 3}-.1079724
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.4597962{col 26}{space 2}  .327096{col 37}{space 1}   -1.41{col 46}{space 3}0.161{col 54}{space 4}-1.102809{col 67}{space 3} .1832169
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.6395367{col 26}{space 2} .2784598{col 37}{space 1}   -2.30{col 46}{space 3}0.022{col 54}{space 4} -1.18694{col 67}{space 3}-.0921337
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.6006272{col 26}{space 2} .2715592{col 37}{space 1}   -2.21{col 46}{space 3}0.028{col 54}{space 4}-1.134465{col 67}{space 3}-.0667897
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.4168538{col 26}{space 2} .1560081{col 37}{space 1}   -2.67{col 46}{space 3}0.008{col 54}{space 4}-.7235383{col 67}{space 3}-.1101693
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.3794042{col 26}{space 2} .1894717{col 37}{space 1}   -2.00{col 46}{space 3}0.046{col 54}{space 4}-.7518722{col 67}{space 3}-.0069362
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} .2202761{col 26}{space 2} .1680852{col 37}{space 1}    1.31{col 46}{space 3}0.191{col 54}{space 4}-.1101498{col 67}{space 3} .5507021
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.3333447{col 26}{space 2} .1630939{col 37}{space 1}   -2.04{col 46}{space 3}0.042{col 54}{space 4}-.6539587{col 67}{space 3}-.0127308
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}  -.30651{col 26}{space 2} .1833052{col 37}{space 1}   -1.67{col 46}{space 3}0.095{col 54}{space 4}-.6668559{col 67}{space 3} .0538358
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.3963612{col 26}{space 2} .1560368{col 37}{space 1}   -2.54{col 46}{space 3}0.011{col 54}{space 4}-.7031021{col 67}{space 3}-.0896203
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.3230533{col 26}{space 2} .1554973{col 37}{space 1}   -2.08{col 46}{space 3}0.038{col 54}{space 4}-.6287337{col 67}{space 3}-.0173729
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.2592748{col 26}{space 2}  .157728{col 37}{space 1}   -1.64{col 46}{space 3}0.101{col 54}{space 4}-.5693403{col 67}{space 3} .0507907
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.4429356{col 26}{space 2} .1930065{col 37}{space 1}   -2.29{col 46}{space 3}0.022{col 54}{space 4}-.8223525{col 67}{space 3}-.0635187
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.3966523{col 26}{space 2} .1506867{col 37}{space 1}   -2.63{col 46}{space 3}0.009{col 54}{space 4}-.6928759{col 67}{space 3}-.1004287
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2}-.3268892{col 26}{space 2} .2327001{col 37}{space 1}   -1.40{col 46}{space 3}0.161{col 54}{space 4}-.7843366{col 67}{space 3} .1305582
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.3592043{col 26}{space 2}  .150951{col 37}{space 1}   -2.38{col 46}{space 3}0.018{col 54}{space 4}-.6559474{col 67}{space 3}-.0624611
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.2206823{col 26}{space 2} .2204252{col 37}{space 1}   -1.00{col 46}{space 3}0.317{col 54}{space 4}-.6539994{col 67}{space 3} .2126348
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.2702643{col 26}{space 2} .2377745{col 37}{space 1}   -1.14{col 46}{space 3}0.256{col 54}{space 4}-.7376871{col 67}{space 3} .1971585
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}-.1948555{col 26}{space 2} .1894763{col 37}{space 1}   -1.03{col 46}{space 3}0.304{col 54}{space 4}-.5673327{col 67}{space 3} .1776216
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.3244353{col 26}{space 2} .1487825{col 37}{space 1}   -2.18{col 46}{space 3}0.030{col 54}{space 4}-.6169156{col 67}{space 3}-.0319551
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.1565008{col 26}{space 2} .3196403{col 37}{space 1}   -0.49{col 46}{space 3}0.625{col 54}{space 4}-.7848574{col 67}{space 3} .4718557
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.5296479{col 26}{space 2} .2436098{col 37}{space 1}   -2.17{col 46}{space 3}0.030{col 54}{space 4}-1.008542{col 67}{space 3}-.0507539
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .2538901{col 26}{space 2} .1982091{col 37}{space 1}    1.28{col 46}{space 3}0.201{col 54}{space 4}-.1357542{col 67}{space 3} .6435344
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.2659825{col 26}{space 2} .2201182{col 37}{space 1}   -1.21{col 46}{space 3}0.228{col 54}{space 4}-.6986962{col 67}{space 3} .1667313
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2}-.3076155{col 26}{space 2} .1605252{col 37}{space 1}   -1.92{col 46}{space 3}0.056{col 54}{space 4}-.6231799{col 67}{space 3} .0079489
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.2334007{col 26}{space 2} .2366935{col 37}{space 1}   -0.99{col 46}{space 3}0.325{col 54}{space 4}-.6986985{col 67}{space 3} .2318971
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.5624431{col 26}{space 2} .1565901{col 37}{space 1}   -3.59{col 46}{space 3}0.000{col 54}{space 4}-.8702717{col 67}{space 3}-.2546144
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7197138{col 26}{space 2} .0344053{col 37}{space 1}  -20.92{col 46}{space 3}0.000{col 54}{space 4}-.7873486{col 67}{space 3} -.652079
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7676397{col 26}{space 2} .0308261{col 37}{space 1}  -24.90{col 46}{space 3}0.000{col 54}{space 4}-.8282384{col 67}{space 3} -.707041
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} -.657084{col 26}{space 2} .0284725{col 37}{space 1}  -23.08{col 46}{space 3}0.000{col 54}{space 4}-.7130558{col 67}{space 3}-.6011122
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7510424{col 26}{space 2} .0254438{col 37}{space 1}  -29.52{col 46}{space 3}0.000{col 54}{space 4}-.8010605{col 67}{space 3}-.7010243
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7522475{col 26}{space 2} .0365398{col 37}{space 1}  -20.59{col 46}{space 3}0.000{col 54}{space 4}-.8240784{col 67}{space 3}-.6804166
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6777673{col 26}{space 2} .0397222{col 37}{space 1}  -17.06{col 46}{space 3}0.000{col 54}{space 4}-.7558542{col 67}{space 3}-.5996804
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8099367{col 26}{space 2} .0376849{col 37}{space 1}  -21.49{col 46}{space 3}0.000{col 54}{space 4}-.8840185{col 67}{space 3}-.7358549
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.493253{col 26}{space 2} .6878603{col 37}{space 1}    6.53{col 46}{space 3}0.000{col 54}{space 4} 3.141041{col 67}{space 3} 5.845466
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (407 categories)

{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==2, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    3056
{col 56}{help j_robustsingular:F( 49, 406)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3533
{txt}{col 56}Adj R-squared ={res}  0.2393
{txt}{col 56}Root MSE      = {res} .42278

{txt}{ralign 78:(Std. Err. adjusted for {res:407} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0570304{col 26}{space 2} .0337123{col 37}{space 1}    1.69{col 46}{space 3}0.091{col 54}{space 4} -.009242{col 67}{space 3} .1233029
{txt}{space 9}ece {c |}{col 14}{res}{space 2} -.016035{col 26}{space 2} .0309444{col 37}{space 1}   -0.52{col 46}{space 3}0.605{col 54}{space 4}-.0768662{col 67}{space 3} .0447962
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 3.10e-06{col 26}{space 2} 3.45e-06{col 37}{space 1}    0.90{col 46}{space 3}0.369{col 54}{space 4}-3.68e-06{col 67}{space 3} 9.89e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0003285{col 26}{space 2} .0103389{col 37}{space 1}    0.03{col 46}{space 3}0.975{col 54}{space 4} -.019996{col 67}{space 3}  .020653
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.2619409{col 26}{space 2} .1254695{col 37}{space 1}   -2.09{col 46}{space 3}0.037{col 54}{space 4}-.5085918{col 67}{space 3}-.0152899
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0954828{col 26}{space 2}  .011684{col 37}{space 1}   -8.17{col 46}{space 3}0.000{col 54}{space 4}-.1184516{col 67}{space 3}-.0725141
{txt}{space 7}effic {c |}{col 14}{res}{space 2} -.237162{col 26}{space 2} .2460857{col 37}{space 1}   -0.96{col 46}{space 3}0.336{col 54}{space 4}-.7209232{col 67}{space 3} .2465992
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}  .158487{col 26}{space 2} .1431683{col 37}{space 1}    1.11{col 46}{space 3}0.269{col 54}{space 4}-.1229567{col 67}{space 3} .4399306
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0102703{col 26}{space 2} .0064446{col 37}{space 1}    1.59{col 46}{space 3}0.112{col 54}{space 4}-.0023987{col 67}{space 3} .0229392
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0042846{col 26}{space 2} .0008362{col 37}{space 1}    5.12{col 46}{space 3}0.000{col 54}{space 4} .0026408{col 67}{space 3} .0059284
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}  -.02136{col 26}{space 2} .1672292{col 37}{space 1}   -0.13{col 46}{space 3}0.898{col 54}{space 4}-.3501032{col 67}{space 3} .3073833
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 4.78e-07{col 26}{space 2} 3.70e-07{col 37}{space 1}    1.29{col 46}{space 3}0.198{col 54}{space 4}-2.51e-07{col 67}{space 3} 1.21e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 3.96e-07{col 26}{space 2} 3.72e-07{col 37}{space 1}    1.07{col 46}{space 3}0.287{col 54}{space 4}-3.35e-07{col 67}{space 3} 1.13e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0254871{col 26}{space 2} .0216199{col 37}{space 1}   -1.18{col 46}{space 3}0.239{col 54}{space 4} -.067988{col 67}{space 3} .0170137
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} -.827293{col 26}{space 2} .3041124{col 37}{space 1}   -2.72{col 46}{space 3}0.007{col 54}{space 4}-1.425125{col 67}{space 3}-.2294615
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.5130885{col 26}{space 2} .2483687{col 37}{space 1}   -2.07{col 46}{space 3}0.039{col 54}{space 4}-1.001338{col 67}{space 3}-.0248392
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.5174161{col 26}{space 2}  .244716{col 37}{space 1}   -2.11{col 46}{space 3}0.035{col 54}{space 4}-.9984847{col 67}{space 3}-.0363476
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} -.574978{col 26}{space 2} .2498792{col 37}{space 1}   -2.30{col 46}{space 3}0.022{col 54}{space 4}-1.066197{col 67}{space 3}-.0837595
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.5956848{col 26}{space 2} .2443398{col 37}{space 1}   -2.44{col 46}{space 3}0.015{col 54}{space 4}-1.076014{col 67}{space 3}-.1153557
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.4535054{col 26}{space 2} .3042072{col 37}{space 1}   -1.49{col 46}{space 3}0.137{col 54}{space 4}-1.051523{col 67}{space 3} .1445126
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.6081388{col 26}{space 2}  .248181{col 37}{space 1}   -2.45{col 46}{space 3}0.015{col 54}{space 4}-1.096019{col 67}{space 3}-.1202587
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.5680095{col 26}{space 2} .2409771{col 37}{space 1}   -2.36{col 46}{space 3}0.019{col 54}{space 4}-1.041728{col 67}{space 3}-.0942909
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.3501624{col 26}{space 2} .1470864{col 37}{space 1}   -2.38{col 46}{space 3}0.018{col 54}{space 4}-.6393084{col 67}{space 3}-.0610163
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.3962636{col 26}{space 2} .1835036{col 37}{space 1}   -2.16{col 46}{space 3}0.031{col 54}{space 4}-.7569995{col 67}{space 3}-.0355277
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} .2372834{col 26}{space 2} .1577117{col 37}{space 1}    1.50{col 46}{space 3}0.133{col 54}{space 4}-.0727501{col 67}{space 3} .5473169
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.2945578{col 26}{space 2} .1573042{col 37}{space 1}   -1.87{col 46}{space 3}0.062{col 54}{space 4}-.6037903{col 67}{space 3} .0146747
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-.3179091{col 26}{space 2} .1754891{col 37}{space 1}   -1.81{col 46}{space 3}0.071{col 54}{space 4}-.6628898{col 67}{space 3} .0270715
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.3580299{col 26}{space 2} .1474211{col 37}{space 1}   -2.43{col 46}{space 3}0.016{col 54}{space 4}-.6478339{col 67}{space 3} -.068226
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.2965032{col 26}{space 2}  .147267{col 37}{space 1}   -2.01{col 46}{space 3}0.045{col 54}{space 4}-.5860042{col 67}{space 3}-.0070023
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.2098423{col 26}{space 2} .1494988{col 37}{space 1}   -1.40{col 46}{space 3}0.161{col 54}{space 4}-.5037307{col 67}{space 3} .0840461
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.3853883{col 26}{space 2}   .18816{col 37}{space 1}   -2.05{col 46}{space 3}0.041{col 54}{space 4}-.7552777{col 67}{space 3}-.0154989
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.3623806{col 26}{space 2} .1418447{col 37}{space 1}   -2.55{col 46}{space 3}0.011{col 54}{space 4}-.6412223{col 67}{space 3}-.0835388
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2}-.3136167{col 26}{space 2} .2358774{col 37}{space 1}   -1.33{col 46}{space 3}0.184{col 54}{space 4}-.7773101{col 67}{space 3} .1500768
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.3024503{col 26}{space 2} .1423745{col 37}{space 1}   -2.12{col 46}{space 3}0.034{col 54}{space 4}-.5823336{col 67}{space 3} -.022567
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.2211862{col 26}{space 2} .2170957{col 37}{space 1}   -1.02{col 46}{space 3}0.309{col 54}{space 4}-.6479582{col 67}{space 3} .2055859
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.2088192{col 26}{space 2} .2171295{col 37}{space 1}   -0.96{col 46}{space 3}0.337{col 54}{space 4}-.6356576{col 67}{space 3} .2180191
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}-.1742887{col 26}{space 2} .2015327{col 37}{space 1}   -0.86{col 46}{space 3}0.388{col 54}{space 4}-.5704665{col 67}{space 3} .2218892
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.2942074{col 26}{space 2} .1401055{col 37}{space 1}   -2.10{col 46}{space 3}0.036{col 54}{space 4}-.5696303{col 67}{space 3}-.0187846
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.1485706{col 26}{space 2} .3194829{col 37}{space 1}   -0.47{col 46}{space 3}0.642{col 54}{space 4}-.7766178{col 67}{space 3} .4794765
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.4715686{col 26}{space 2} .2249841{col 37}{space 1}   -2.10{col 46}{space 3}0.037{col 54}{space 4}-.9138478{col 67}{space 3}-.0292895
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .1350328{col 26}{space 2} .2444967{col 37}{space 1}    0.55{col 46}{space 3}0.581{col 54}{space 4}-.3456048{col 67}{space 3} .6156705
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.2845216{col 26}{space 2} .2033445{col 37}{space 1}   -1.40{col 46}{space 3}0.163{col 54}{space 4}-.6842611{col 67}{space 3} .1152179
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2}-.2351442{col 26}{space 2} .1532276{col 37}{space 1}   -1.53{col 46}{space 3}0.126{col 54}{space 4}-.5363627{col 67}{space 3} .0660743
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2}-.2431438{col 26}{space 2} .2653338{col 37}{space 1}   -0.92{col 46}{space 3}0.360{col 54}{space 4}-.7647435{col 67}{space 3} .2784559
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.5956323{col 26}{space 2} .1472663{col 37}{space 1}   -4.04{col 46}{space 3}0.000{col 54}{space 4} -.885132{col 67}{space 3}-.3061325
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7251148{col 26}{space 2} .0344326{col 37}{space 1}  -21.06{col 46}{space 3}0.000{col 54}{space 4}-.7928032{col 67}{space 3}-.6574264
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7229809{col 26}{space 2} .0324376{col 37}{space 1}  -22.29{col 46}{space 3}0.000{col 54}{space 4}-.7867475{col 67}{space 3}-.6592142
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} -.636973{col 26}{space 2} .0284024{col 37}{space 1}  -22.43{col 46}{space 3}0.000{col 54}{space 4}-.6928072{col 67}{space 3}-.5811388
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7252266{col 26}{space 2} .0276188{col 37}{space 1}  -26.26{col 46}{space 3}0.000{col 54}{space 4}-.7795202{col 67}{space 3}-.6709329
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7136814{col 26}{space 2} .0383718{col 37}{space 1}  -18.60{col 46}{space 3}0.000{col 54}{space 4}-.7891135{col 67}{space 3}-.6382492
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6388193{col 26}{space 2} .0419058{col 37}{space 1}  -15.24{col 46}{space 3}0.000{col 54}{space 4}-.7211986{col 67}{space 3}  -.55644
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} -.756997{col 26}{space 2} .0428373{col 37}{space 1}  -17.67{col 46}{space 3}0.000{col 54}{space 4}-.8412076{col 67}{space 3}-.6727864
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.707953{col 26}{space 2} .6623602{col 37}{space 1}    5.60{col 46}{space 3}0.000{col 54}{space 4} 2.405869{col 67}{space 3} 5.010036
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (407 categories)

{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==2, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{txt}note: _Iprovince__65 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    3056
{col 56}{help j_robustsingular:F( 49, 406)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.2680
{txt}{col 56}Adj R-squared ={res}  0.1389
{txt}{col 56}Root MSE      = {res} .54871

{txt}{ralign 78:(Std. Err. adjusted for {res:407} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0814375{col 26}{space 2} .0447687{col 37}{space 1}    1.82{col 46}{space 3}0.070{col 54}{space 4}-.0065699{col 67}{space 3}  .169445
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0264434{col 26}{space 2} .0386056{col 37}{space 1}   -0.68{col 46}{space 3}0.494{col 54}{space 4}-.1023352{col 67}{space 3} .0494483
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 6.68e-06{col 26}{space 2} 5.30e-06{col 37}{space 1}    1.26{col 46}{space 3}0.208{col 54}{space 4}-3.74e-06{col 67}{space 3} .0000171
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0079903{col 26}{space 2} .0150245{col 37}{space 1}    0.53{col 46}{space 3}0.595{col 54}{space 4}-.0215451{col 67}{space 3} .0375258
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.2554046{col 26}{space 2} .1586609{col 37}{space 1}   -1.61{col 46}{space 3}0.108{col 54}{space 4}-.5673041{col 67}{space 3} .0564948
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0941203{col 26}{space 2} .0140184{col 37}{space 1}   -6.71{col 46}{space 3}0.000{col 54}{space 4} -.121678{col 67}{space 3}-.0665626
{txt}{space 7}effic {c |}{col 14}{res}{space 2} -.439442{col 26}{space 2} .2828521{col 37}{space 1}   -1.55{col 46}{space 3}0.121{col 54}{space 4}-.9954795{col 67}{space 3} .1165954
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .1718657{col 26}{space 2} .1746588{col 37}{space 1}    0.98{col 46}{space 3}0.326{col 54}{space 4}-.1714828{col 67}{space 3} .5152142
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0104017{col 26}{space 2} .0081568{col 37}{space 1}    1.28{col 46}{space 3}0.203{col 54}{space 4}-.0056331{col 67}{space 3} .0264365
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0040025{col 26}{space 2}  .001002{col 37}{space 1}    3.99{col 46}{space 3}0.000{col 54}{space 4} .0020327{col 67}{space 3} .0059723
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .0225665{col 26}{space 2} .2080013{col 37}{space 1}    0.11{col 46}{space 3}0.914{col 54}{space 4}-.3863275{col 67}{space 3} .4314606
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 6.91e-07{col 26}{space 2} 4.21e-07{col 37}{space 1}    1.64{col 46}{space 3}0.102{col 54}{space 4}-1.37e-07{col 67}{space 3} 1.52e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2} 5.57e-07{col 26}{space 2} 4.17e-07{col 37}{space 1}    1.34{col 46}{space 3}0.182{col 54}{space 4}-2.63e-07{col 67}{space 3} 1.38e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0556042{col 26}{space 2} .0282277{col 37}{space 1}   -1.97{col 46}{space 3}0.050{col 54}{space 4}-.1110949{col 67}{space 3}-.0001135
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-1.054677{col 26}{space 2} .4740492{col 37}{space 1}   -2.22{col 46}{space 3}0.027{col 54}{space 4}-1.986574{col 67}{space 3}-.1227795
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.6131859{col 26}{space 2} .2934821{col 37}{space 1}   -2.09{col 46}{space 3}0.037{col 54}{space 4} -1.19012{col 67}{space 3}-.0362517
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.5961279{col 26}{space 2} .2880927{col 37}{space 1}   -2.07{col 46}{space 3}0.039{col 54}{space 4}-1.162468{col 67}{space 3}-.0297882
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.6522364{col 26}{space 2} .2972461{col 37}{space 1}   -2.19{col 46}{space 3}0.029{col 54}{space 4} -1.23657{col 67}{space 3}-.0679029
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.6491299{col 26}{space 2} .2892299{col 37}{space 1}   -2.24{col 46}{space 3}0.025{col 54}{space 4}-1.217705{col 67}{space 3}-.0805548
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.5308841{col 26}{space 2} .3424801{col 37}{space 1}   -1.55{col 46}{space 3}0.122{col 54}{space 4} -1.20414{col 67}{space 3} .1423716
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.6893015{col 26}{space 2} .2935413{col 37}{space 1}   -2.35{col 46}{space 3}0.019{col 54}{space 4}-1.266352{col 67}{space 3}-.1122509
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.6433073{col 26}{space 2} .2830544{col 37}{space 1}   -2.27{col 46}{space 3}0.024{col 54}{space 4}-1.199742{col 67}{space 3}-.0868721
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.3841538{col 26}{space 2} .1695982{col 37}{space 1}   -2.27{col 46}{space 3}0.024{col 54}{space 4} -.717554{col 67}{space 3}-.0507536
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.4934533{col 26}{space 2} .2254705{col 37}{space 1}   -2.19{col 46}{space 3}0.029{col 54}{space 4}-.9366887{col 67}{space 3}-.0502179
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} .1565337{col 26}{space 2} .1800491{col 37}{space 1}    0.87{col 46}{space 3}0.385{col 54}{space 4}-.1974112{col 67}{space 3} .5104786
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.2703142{col 26}{space 2}  .177899{col 37}{space 1}   -1.52{col 46}{space 3}0.129{col 54}{space 4}-.6200324{col 67}{space 3}  .079404
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-.3636691{col 26}{space 2} .2221089{col 37}{space 1}   -1.64{col 46}{space 3}0.102{col 54}{space 4}-.8002961{col 67}{space 3} .0729579
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.3578995{col 26}{space 2} .1712916{col 37}{space 1}   -2.09{col 46}{space 3}0.037{col 54}{space 4}-.6946287{col 67}{space 3}-.0211703
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.3157524{col 26}{space 2}  .165757{col 37}{space 1}   -1.90{col 46}{space 3}0.057{col 54}{space 4}-.6416014{col 67}{space 3} .0100966
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.2058898{col 26}{space 2} .1683872{col 37}{space 1}   -1.22{col 46}{space 3}0.222{col 54}{space 4}-.5369094{col 67}{space 3} .1251297
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.5389813{col 26}{space 2} .2414151{col 37}{space 1}   -2.23{col 46}{space 3}0.026{col 54}{space 4}-1.013561{col 67}{space 3}-.0644016
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.3284422{col 26}{space 2} .1592289{col 37}{space 1}   -2.06{col 46}{space 3}0.040{col 54}{space 4}-.6414582{col 67}{space 3}-.0154263
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2}-.2875931{col 26}{space 2} .2532736{col 37}{space 1}   -1.14{col 46}{space 3}0.257{col 54}{space 4}-.7854845{col 67}{space 3} .2102983
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} -.293656{col 26}{space 2} .1586166{col 37}{space 1}   -1.85{col 46}{space 3}0.065{col 54}{space 4}-.6054682{col 67}{space 3} .0181563
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.2212495{col 26}{space 2}  .228995{col 37}{space 1}   -0.97{col 46}{space 3}0.335{col 54}{space 4}-.6714133{col 67}{space 3} .2289144
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} -.054053{col 26}{space 2} .2643311{col 37}{space 1}   -0.20{col 46}{space 3}0.838{col 54}{space 4}-.5736815{col 67}{space 3} .4655754
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}-.1678885{col 26}{space 2} .2471895{col 37}{space 1}   -0.68{col 46}{space 3}0.497{col 54}{space 4}-.6538196{col 67}{space 3} .3180426
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.2741739{col 26}{space 2}  .156201{col 37}{space 1}   -1.76{col 46}{space 3}0.080{col 54}{space 4}-.5812376{col 67}{space 3} .0328897
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.0133714{col 26}{space 2} .3144294{col 37}{space 1}   -0.04{col 46}{space 3}0.966{col 54}{space 4}-.6314844{col 67}{space 3} .6047415
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.3514591{col 26}{space 2} .2440397{col 37}{space 1}   -1.44{col 46}{space 3}0.151{col 54}{space 4}-.8311982{col 67}{space 3} .1282801
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .3423858{col 26}{space 2} .1963747{col 37}{space 1}    1.74{col 46}{space 3}0.082{col 54}{space 4}-.0436524{col 67}{space 3}  .728424
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.3555958{col 26}{space 2} .2961984{col 37}{space 1}   -1.20{col 46}{space 3}0.231{col 54}{space 4}-.9378698{col 67}{space 3} .2266783
{txt}_Iprovinc~52 {c |}{col 14}{res}{space 2}-.2282151{col 26}{space 2}  .174581{col 37}{space 1}   -1.31{col 46}{space 3}0.192{col 54}{space 4}-.5714106{col 67}{space 3} .1149804
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} -.265519{col 26}{space 2} .2754562{col 37}{space 1}   -0.96{col 46}{space 3}0.336{col 54}{space 4}-.8070174{col 67}{space 3} .2759795
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.3850287{col 26}{space 2} .1687828{col 37}{space 1}   -2.28{col 46}{space 3}0.023{col 54}{space 4} -.716826{col 67}{space 3}-.0532315
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}  (omitted)
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6860914{col 26}{space 2} .0454011{col 37}{space 1}  -15.11{col 46}{space 3}0.000{col 54}{space 4} -.775342{col 67}{space 3}-.5968408
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2} -.783598{col 26}{space 2} .0430699{col 37}{space 1}  -18.19{col 46}{space 3}0.000{col 54}{space 4}-.8682658{col 67}{space 3}-.6989302
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6292797{col 26}{space 2} .0372301{col 37}{space 1}  -16.90{col 46}{space 3}0.000{col 54}{space 4}-.7024674{col 67}{space 3} -.556092
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2} -.705704{col 26}{space 2} .0384438{col 37}{space 1}  -18.36{col 46}{space 3}0.000{col 54}{space 4}-.7812778{col 67}{space 3}-.6301302
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7311149{col 26}{space 2} .0486124{col 37}{space 1}  -15.04{col 46}{space 3}0.000{col 54}{space 4}-.8266782{col 67}{space 3}-.6355515
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6673015{col 26}{space 2}  .051806{col 37}{space 1}  -12.88{col 46}{space 3}0.000{col 54}{space 4}-.7691431{col 67}{space 3}  -.56546
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7694114{col 26}{space 2} .0577994{col 37}{space 1}  -13.31{col 46}{space 3}0.000{col 54}{space 4}-.8830349{col 67}{space 3}-.6557879
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.660036{col 26}{space 2} .8219883{col 37}{space 1}    4.45{col 46}{space 3}0.000{col 54}{space 4} 2.044151{col 67}{space 3}  5.27592
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (407 categories)

{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==3, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    3279
{col 56}{help j_robustsingular:F( 48, 418)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3714
{txt}{col 56}Adj R-squared ={res}  0.2661
{txt}{col 56}Root MSE      = {res} .38913

{txt}{ralign 78:(Std. Err. adjusted for {res:419} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0161526{col 26}{space 2} .0263634{col 37}{space 1}    0.61{col 46}{space 3}0.540{col 54}{space 4}-.0356689{col 67}{space 3}  .067974
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0386147{col 26}{space 2} .0248959{col 37}{space 1}   -1.55{col 46}{space 3}0.122{col 54}{space 4}-.0875514{col 67}{space 3}  .010322
{txt}{space 2}intangible {c |}{col 14}{res}{space 2}-2.35e-06{col 26}{space 2} 4.40e-06{col 37}{space 1}   -0.53{col 46}{space 3}0.593{col 54}{space 4} -.000011{col 67}{space 3} 6.30e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} -.019132{col 26}{space 2} .0102092{col 37}{space 1}   -1.87{col 46}{space 3}0.062{col 54}{space 4}-.0391997{col 67}{space 3} .0009357
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.5888769{col 26}{space 2} .1456561{col 37}{space 1}   -4.04{col 46}{space 3}0.000{col 54}{space 4}-.8751867{col 67}{space 3}-.3025671
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1187159{col 26}{space 2} .0122109{col 37}{space 1}   -9.72{col 46}{space 3}0.000{col 54}{space 4}-.1427182{col 67}{space 3}-.0947135
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .2109558{col 26}{space 2} .2270111{col 37}{space 1}    0.93{col 46}{space 3}0.353{col 54}{space 4}-.2352699{col 67}{space 3} .6571814
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0158912{col 26}{space 2} .1466396{col 37}{space 1}    0.11{col 46}{space 3}0.914{col 54}{space 4}-.2723517{col 67}{space 3} .3041342
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0276257{col 26}{space 2} .0072807{col 37}{space 1}    3.79{col 46}{space 3}0.000{col 54}{space 4} .0133143{col 67}{space 3}  .041937
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0064703{col 26}{space 2} .0007886{col 37}{space 1}    8.20{col 46}{space 3}0.000{col 54}{space 4} .0049201{col 67}{space 3} .0080205
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .2019427{col 26}{space 2} .1528643{col 37}{space 1}    1.32{col 46}{space 3}0.187{col 54}{space 4}-.0985359{col 67}{space 3} .5024214
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-6.48e-07{col 26}{space 2} 4.15e-07{col 37}{space 1}   -1.56{col 46}{space 3}0.119{col 54}{space 4}-1.46e-06{col 67}{space 3} 1.67e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-3.05e-07{col 26}{space 2} 3.00e-07{col 37}{space 1}   -1.01{col 46}{space 3}0.311{col 54}{space 4}-8.95e-07{col 67}{space 3} 2.86e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0360131{col 26}{space 2} .0272169{col 37}{space 1}   -1.32{col 46}{space 3}0.186{col 54}{space 4}-.0895121{col 67}{space 3} .0174858
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1491521{col 26}{space 2} .1889636{col 37}{space 1}    0.79{col 46}{space 3}0.430{col 54}{space 4}-.2222853{col 67}{space 3} .5205894
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1137541{col 26}{space 2} .1244459{col 37}{space 1}    0.91{col 46}{space 3}0.361{col 54}{space 4}-.1308637{col 67}{space 3} .3583719
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0047002{col 26}{space 2} .1304829{col 37}{space 1}   -0.04{col 46}{space 3}0.971{col 54}{space 4}-.2611848{col 67}{space 3} .2517843
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} .0750688{col 26}{space 2} .1300883{col 37}{space 1}    0.58{col 46}{space 3}0.564{col 54}{space 4}  -.18064{col 67}{space 3} .3307776
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0688039{col 26}{space 2} .1313101{col 37}{space 1}    0.52{col 46}{space 3}0.601{col 54}{space 4}-.1893065{col 67}{space 3} .3269144
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.0337753{col 26}{space 2} .2237232{col 37}{space 1}   -0.15{col 46}{space 3}0.880{col 54}{space 4} -.473538{col 67}{space 3} .4059873
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .0757705{col 26}{space 2} .1299238{col 37}{space 1}    0.58{col 46}{space 3}0.560{col 54}{space 4}-.1796149{col 67}{space 3} .3311559
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}  .074777{col 26}{space 2} .1173907{col 37}{space 1}    0.64{col 46}{space 3}0.524{col 54}{space 4}-.1559727{col 67}{space 3} .3055267
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.1451404{col 26}{space 2} .1218317{col 37}{space 1}   -1.19{col 46}{space 3}0.234{col 54}{space 4}-.3846196{col 67}{space 3} .0943388
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0847102{col 26}{space 2} .1427741{col 37}{space 1}   -0.59{col 46}{space 3}0.553{col 54}{space 4}-.3653548{col 67}{space 3} .1959344
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.4319582{col 26}{space 2} .1713131{col 37}{space 1}   -2.52{col 46}{space 3}0.012{col 54}{space 4}-.7687007{col 67}{space 3}-.0952156
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.1803207{col 26}{space 2} .1169903{col 37}{space 1}   -1.54{col 46}{space 3}0.124{col 54}{space 4}-.4102832{col 67}{space 3} .0496419
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-1.428802{col 26}{space 2} .1257558{col 37}{space 1}  -11.36{col 46}{space 3}0.000{col 54}{space 4}-1.675995{col 67}{space 3} -1.18161
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.1833098{col 26}{space 2} .1144845{col 37}{space 1}   -1.60{col 46}{space 3}0.110{col 54}{space 4}-.4083468{col 67}{space 3} .0417272
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.1103215{col 26}{space 2} .1115859{col 37}{space 1}   -0.99{col 46}{space 3}0.323{col 54}{space 4} -.329661{col 67}{space 3}  .109018
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.0955399{col 26}{space 2} .1185034{col 37}{space 1}   -0.81{col 46}{space 3}0.421{col 54}{space 4}-.3284768{col 67}{space 3} .1373971
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.3515057{col 26}{space 2} .1282943{col 37}{space 1}   -2.74{col 46}{space 3}0.006{col 54}{space 4}-.6036881{col 67}{space 3}-.0993233
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.1832865{col 26}{space 2} .1133207{col 37}{space 1}   -1.62{col 46}{space 3}0.107{col 54}{space 4}-.4060359{col 67}{space 3} .0394628
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2}-.4450191{col 26}{space 2} .1190492{col 37}{space 1}   -3.74{col 46}{space 3}0.000{col 54}{space 4}-.6790288{col 67}{space 3}-.2110094
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.1644728{col 26}{space 2} .1122544{col 37}{space 1}   -1.47{col 46}{space 3}0.144{col 54}{space 4}-.3851264{col 67}{space 3} .0561807
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.3471332{col 26}{space 2} .1475982{col 37}{space 1}   -2.35{col 46}{space 3}0.019{col 54}{space 4}-.6372604{col 67}{space 3}-.0570061
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}  .059311{col 26}{space 2} .2429618{col 37}{space 1}    0.24{col 46}{space 3}0.807{col 54}{space 4}-.4182682{col 67}{space 3} .5368902
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}-.0849205{col 26}{space 2} .1667919{col 37}{space 1}   -0.51{col 46}{space 3}0.611{col 54}{space 4}-.4127759{col 67}{space 3}  .242935
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.0589206{col 26}{space 2}  .110644{col 37}{space 1}   -0.53{col 46}{space 3}0.595{col 54}{space 4}-.2764086{col 67}{space 3} .1585673
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.0251877{col 26}{space 2} .2416859{col 37}{space 1}   -0.10{col 46}{space 3}0.917{col 54}{space 4}-.5002589{col 67}{space 3} .4498834
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.0934867{col 26}{space 2} .1791951{col 37}{space 1}   -0.52{col 46}{space 3}0.602{col 54}{space 4}-.4457225{col 67}{space 3} .2587492
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.5799987{col 26}{space 2}  .093608{col 37}{space 1}   -6.20{col 46}{space 3}0.000{col 54}{space 4}-.7639999{col 67}{space 3}-.3959975
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1166417{col 26}{space 2} .1438808{col 37}{space 1}   -0.81{col 46}{space 3}0.418{col 54}{space 4}-.3994618{col 67}{space 3} .1661784
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.3537854{col 26}{space 2} .2031671{col 37}{space 1}   -1.74{col 46}{space 3}0.082{col 54}{space 4}-.7531419{col 67}{space 3} .0455711
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .2973563{col 26}{space 2} .1299472{col 37}{space 1}    2.29{col 46}{space 3}0.023{col 54}{space 4}  .041925{col 67}{space 3} .5527877
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.3662176{col 26}{space 2} .1281775{col 37}{space 1}   -2.86{col 46}{space 3}0.004{col 54}{space 4}-.6181704{col 67}{space 3}-.1142648
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6759869{col 26}{space 2} .0382024{col 37}{space 1}  -17.69{col 46}{space 3}0.000{col 54}{space 4}-.7510797{col 67}{space 3} -.600894
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6717262{col 26}{space 2} .0358313{col 37}{space 1}  -18.75{col 46}{space 3}0.000{col 54}{space 4}-.7421582{col 67}{space 3}-.6012943
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6674041{col 26}{space 2} .0334609{col 37}{space 1}  -19.95{col 46}{space 3}0.000{col 54}{space 4}-.7331768{col 67}{space 3}-.6016315
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7531761{col 26}{space 2} .0341724{col 37}{space 1}  -22.04{col 46}{space 3}0.000{col 54}{space 4}-.8203474{col 67}{space 3}-.6860049
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7378451{col 26}{space 2} .0370117{col 37}{space 1}  -19.94{col 46}{space 3}0.000{col 54}{space 4}-.8105973{col 67}{space 3}-.6650929
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6830983{col 26}{space 2} .0395374{col 37}{space 1}  -17.28{col 46}{space 3}0.000{col 54}{space 4}-.7608152{col 67}{space 3}-.6053815
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.8107679{col 26}{space 2} .0378294{col 37}{space 1}  -21.43{col 46}{space 3}0.000{col 54}{space 4}-.8851275{col 67}{space 3}-.7364084
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.695038{col 26}{space 2} .7711126{col 37}{space 1}    6.09{col 46}{space 3}0.000{col 54}{space 4} 3.179296{col 67}{space 3}  6.21078
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (419 categories)

{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==3, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_71 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    3279
{col 56}{help j_robustsingular:F( 48, 418)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3579
{txt}{col 56}Adj R-squared ={res}  0.2504
{txt}{col 56}Root MSE      = {res} .38923

{txt}{ralign 78:(Std. Err. adjusted for {res:419} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0059436{col 26}{space 2} .0273714{col 37}{space 1}    0.22{col 46}{space 3}0.828{col 54}{space 4}-.0478592{col 67}{space 3} .0597464
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0299523{col 26}{space 2} .0254379{col 37}{space 1}   -1.18{col 46}{space 3}0.240{col 54}{space 4}-.0799544{col 67}{space 3} .0200498
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 3.29e-07{col 26}{space 2} 4.15e-06{col 37}{space 1}    0.08{col 46}{space 3}0.937{col 54}{space 4}-7.83e-06{col 67}{space 3} 8.49e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} -.019891{col 26}{space 2} .0099019{col 37}{space 1}   -2.01{col 46}{space 3}0.045{col 54}{space 4}-.0393548{col 67}{space 3}-.0004272
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.4702914{col 26}{space 2} .1393703{col 37}{space 1}   -3.37{col 46}{space 3}0.001{col 54}{space 4}-.7442454{col 67}{space 3}-.1963375
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1155973{col 26}{space 2} .0116752{col 37}{space 1}   -9.90{col 46}{space 3}0.000{col 54}{space 4}-.1385467{col 67}{space 3}-.0926478
{txt}{space 7}effic {c |}{col 14}{res}{space 2}  .163854{col 26}{space 2} .1916446{col 37}{space 1}    0.85{col 46}{space 3}0.393{col 54}{space 4}-.2128531{col 67}{space 3} .5405612
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0002638{col 26}{space 2} .1349145{col 37}{space 1}    0.00{col 46}{space 3}0.998{col 54}{space 4}-.2649317{col 67}{space 3} .2654592
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0210855{col 26}{space 2} .0068263{col 37}{space 1}    3.09{col 46}{space 3}0.002{col 54}{space 4} .0076673{col 67}{space 3} .0345036
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0064029{col 26}{space 2} .0007615{col 37}{space 1}    8.41{col 46}{space 3}0.000{col 54}{space 4} .0049061{col 67}{space 3} .0078998
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .2203833{col 26}{space 2} .1435794{col 37}{space 1}    1.53{col 46}{space 3}0.126{col 54}{space 4}-.0618443{col 67}{space 3} .5026109
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-3.23e-07{col 26}{space 2} 3.19e-07{col 37}{space 1}   -1.01{col 46}{space 3}0.313{col 54}{space 4}-9.50e-07{col 67}{space 3} 3.05e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-7.13e-08{col 26}{space 2} 3.15e-07{col 37}{space 1}   -0.23{col 46}{space 3}0.821{col 54}{space 4}-6.90e-07{col 67}{space 3} 5.47e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0381892{col 26}{space 2} .0267295{col 37}{space 1}   -1.43{col 46}{space 3}0.154{col 54}{space 4}-.0907301{col 67}{space 3} .0143518
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1393758{col 26}{space 2} .1928748{col 37}{space 1}    0.72{col 46}{space 3}0.470{col 54}{space 4}-.2397497{col 67}{space 3} .5185013
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .1377321{col 26}{space 2} .1514877{col 37}{space 1}    0.91{col 46}{space 3}0.364{col 54}{space 4}-.1600406{col 67}{space 3} .4355047
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0008974{col 26}{space 2} .1505835{col 37}{space 1}   -0.01{col 46}{space 3}0.995{col 54}{space 4}-.2968926{col 67}{space 3} .2950979
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2} .0505278{col 26}{space 2} .1610421{col 37}{space 1}    0.31{col 46}{space 3}0.754{col 54}{space 4}-.2660254{col 67}{space 3}  .367081
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}  .085963{col 26}{space 2} .1536023{col 37}{space 1}    0.56{col 46}{space 3}0.576{col 54}{space 4}-.2159661{col 67}{space 3} .3878922
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} .0841509{col 26}{space 2} .1513732{col 37}{space 1}    0.56{col 46}{space 3}0.579{col 54}{space 4}-.2133966{col 67}{space 3} .3816983
{txt}_Irelatio~71 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .0675774{col 26}{space 2} .1552143{col 37}{space 1}    0.44{col 46}{space 3}0.664{col 54}{space 4}-.2375204{col 67}{space 3} .3726752
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .0862722{col 26}{space 2} .1461454{col 37}{space 1}    0.59{col 46}{space 3}0.555{col 54}{space 4}-.2009992{col 67}{space 3} .3735437
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.1051478{col 26}{space 2} .1225523{col 37}{space 1}   -0.86{col 46}{space 3}0.391{col 54}{space 4}-.3460434{col 67}{space 3} .1357478
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0199248{col 26}{space 2} .1373209{col 37}{space 1}   -0.15{col 46}{space 3}0.885{col 54}{space 4}-.2898503{col 67}{space 3} .2500008
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.4959127{col 26}{space 2} .2988235{col 37}{space 1}   -1.66{col 46}{space 3}0.098{col 54}{space 4}-1.083297{col 67}{space 3} .0914713
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.1850034{col 26}{space 2} .1165957{col 37}{space 1}   -1.59{col 46}{space 3}0.113{col 54}{space 4}-.4141903{col 67}{space 3} .0441835
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-.8760812{col 26}{space 2} .1239381{col 37}{space 1}   -7.07{col 46}{space 3}0.000{col 54}{space 4}-1.119701{col 67}{space 3}-.6324617
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.1757395{col 26}{space 2} .1181463{col 37}{space 1}   -1.49{col 46}{space 3}0.138{col 54}{space 4}-.4079744{col 67}{space 3} .0564953
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0905033{col 26}{space 2}  .112782{col 37}{space 1}   -0.80{col 46}{space 3}0.423{col 54}{space 4}-.3121939{col 67}{space 3} .1311873
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.0936105{col 26}{space 2} .1206174{col 37}{space 1}   -0.78{col 46}{space 3}0.438{col 54}{space 4}-.3307028{col 67}{space 3} .1434818
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.3330559{col 26}{space 2} .1298922{col 37}{space 1}   -2.56{col 46}{space 3}0.011{col 54}{space 4}-.5883792{col 67}{space 3}-.0777325
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.1779819{col 26}{space 2} .1145433{col 37}{space 1}   -1.55{col 46}{space 3}0.121{col 54}{space 4}-.4031346{col 67}{space 3} .0471708
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2}-.5209438{col 26}{space 2} .1207573{col 37}{space 1}   -4.31{col 46}{space 3}0.000{col 54}{space 4} -.758311{col 67}{space 3}-.2835765
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.1433391{col 26}{space 2} .1138714{col 37}{space 1}   -1.26{col 46}{space 3}0.209{col 54}{space 4}-.3671711{col 67}{space 3} .0804928
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.3184397{col 26}{space 2} .1504076{col 37}{space 1}   -2.12{col 46}{space 3}0.035{col 54}{space 4}-.6140892{col 67}{space 3}-.0227902
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.0255835{col 26}{space 2} .2344183{col 37}{space 1}   -0.11{col 46}{space 3}0.913{col 54}{space 4} -.486369{col 67}{space 3} .4352021
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .1567043{col 26}{space 2} .2182236{col 37}{space 1}    0.72{col 46}{space 3}0.473{col 54}{space 4}-.2722481{col 67}{space 3} .5856568
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.0648679{col 26}{space 2} .1118792{col 37}{space 1}   -0.58{col 46}{space 3}0.562{col 54}{space 4}-.2847838{col 67}{space 3}  .155048
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .1459754{col 26}{space 2} .2799417{col 37}{space 1}    0.52{col 46}{space 3}0.602{col 54}{space 4}-.4042936{col 67}{space 3} .6962443
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.1398797{col 26}{space 2} .1483841{col 37}{space 1}   -0.94{col 46}{space 3}0.346{col 54}{space 4}-.4315518{col 67}{space 3} .1517924
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.5598873{col 26}{space 2} .1295446{col 37}{space 1}   -4.32{col 46}{space 3}0.000{col 54}{space 4}-.8145274{col 67}{space 3}-.3052472
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1125137{col 26}{space 2} .1476592{col 37}{space 1}   -0.76{col 46}{space 3}0.447{col 54}{space 4}-.4027608{col 67}{space 3} .1777335
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.2369121{col 26}{space 2}  .251406{col 37}{space 1}   -0.94{col 46}{space 3}0.347{col 54}{space 4}-.7310898{col 67}{space 3} .2572655
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .3050126{col 26}{space 2} .1270167{col 37}{space 1}    2.40{col 46}{space 3}0.017{col 54}{space 4} .0553415{col 67}{space 3} .5546836
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.2226909{col 26}{space 2} .1387461{col 37}{space 1}   -1.61{col 46}{space 3}0.109{col 54}{space 4}-.4954179{col 67}{space 3}  .050036
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6727318{col 26}{space 2} .0377939{col 37}{space 1}  -17.80{col 46}{space 3}0.000{col 54}{space 4}-.7470216{col 67}{space 3}-.5984421
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}  -.65162{col 26}{space 2} .0328964{col 37}{space 1}  -19.81{col 46}{space 3}0.000{col 54}{space 4} -.716283{col 67}{space 3} -.586957
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6516732{col 26}{space 2} .0319224{col 37}{space 1}  -20.41{col 46}{space 3}0.000{col 54}{space 4}-.7144216{col 67}{space 3}-.5889248
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7402305{col 26}{space 2} .0330485{col 37}{space 1}  -22.40{col 46}{space 3}0.000{col 54}{space 4}-.8051925{col 67}{space 3}-.6752685
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7224835{col 26}{space 2}  .036227{col 37}{space 1}  -19.94{col 46}{space 3}0.000{col 54}{space 4}-.7936932{col 67}{space 3}-.6512738
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6789326{col 26}{space 2} .0404572{col 37}{space 1}  -16.78{col 46}{space 3}0.000{col 54}{space 4}-.7584575{col 67}{space 3}-.5994078
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7980068{col 26}{space 2} .0374946{col 37}{space 1}  -21.28{col 46}{space 3}0.000{col 54}{space 4}-.8717082{col 67}{space 3}-.7243054
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.132217{col 26}{space 2} .7610811{col 37}{space 1}    5.43{col 46}{space 3}0.000{col 54}{space 4} 2.636194{col 67}{space 3} 5.628241
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (419 categories)

{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==3, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__61 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    3279
{col 56}{help j_robustsingular:F( 48, 418)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.2843
{txt}{col 56}Adj R-squared ={res}  0.1645
{txt}{col 56}Root MSE      = {res} .51117

{txt}{ralign 78:(Std. Err. adjusted for {res:419} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0069772{col 26}{space 2} .0335746{col 37}{space 1}    0.21{col 46}{space 3}0.835{col 54}{space 4}-.0590189{col 67}{space 3} .0729734
{txt}{space 9}ece {c |}{col 14}{res}{space 2}-.0195009{col 26}{space 2} .0323941{col 37}{space 1}   -0.60{col 46}{space 3}0.548{col 54}{space 4}-.0831766{col 67}{space 3} .0441747
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 5.49e-07{col 26}{space 2} 5.34e-06{col 37}{space 1}    0.10{col 46}{space 3}0.918{col 54}{space 4}-9.95e-06{col 67}{space 3}  .000011
{txt}{space 6}wageav {c |}{col 14}{res}{space 2}-.0137635{col 26}{space 2}  .012695{col 37}{space 1}   -1.08{col 46}{space 3}0.279{col 54}{space 4}-.0387175{col 67}{space 3} .0111905
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.4290356{col 26}{space 2} .1683849{col 37}{space 1}   -2.55{col 46}{space 3}0.011{col 54}{space 4}-.7600222{col 67}{space 3}-.0980489
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.1146146{col 26}{space 2} .0130773{col 37}{space 1}   -8.76{col 46}{space 3}0.000{col 54}{space 4}  -.14032{col 67}{space 3}-.0889091
{txt}{space 7}effic {c |}{col 14}{res}{space 2}  .167958{col 26}{space 2}  .245114{col 37}{space 1}    0.69{col 46}{space 3}0.494{col 54}{space 4}-.3138518{col 67}{space 3} .6497677
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.2100779{col 26}{space 2} .1884431{col 37}{space 1}   -1.11{col 46}{space 3}0.266{col 54}{space 4}-.5804922{col 67}{space 3} .1603364
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0188658{col 26}{space 2} .0083096{col 37}{space 1}    2.27{col 46}{space 3}0.024{col 54}{space 4} .0025319{col 67}{space 3} .0351997
{txt}{space 7}agesq {c |}{col 14}{res}{space 2}  .006472{col 26}{space 2} .0009046{col 37}{space 1}    7.15{col 46}{space 3}0.000{col 54}{space 4} .0046938{col 67}{space 3} .0082501
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .5835649{col 26}{space 2} .2157724{col 37}{space 1}    2.70{col 46}{space 3}0.007{col 54}{space 4} .1594306{col 67}{space 3} 1.007699
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-3.54e-07{col 26}{space 2} 4.20e-07{col 37}{space 1}   -0.84{col 46}{space 3}0.399{col 54}{space 4}-1.18e-06{col 67}{space 3} 4.72e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2} 2.61e-07{col 26}{space 2} 4.48e-07{col 37}{space 1}    0.58{col 46}{space 3}0.560{col 54}{space 4}-6.19e-07{col 67}{space 3} 1.14e-06
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0504597{col 26}{space 2} .0305686{col 37}{space 1}   -1.65{col 46}{space 3}0.100{col 54}{space 4}-.1105471{col 67}{space 3} .0096277
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}-.0545144{col 26}{space 2} .1966241{col 37}{space 1}   -0.28{col 46}{space 3}0.782{col 54}{space 4}-.4410097{col 67}{space 3}  .331981
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .0242595{col 26}{space 2} .1132984{col 37}{space 1}    0.21{col 46}{space 3}0.831{col 54}{space 4}-.1984462{col 67}{space 3} .2469651
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.1822107{col 26}{space 2} .1145885{col 37}{space 1}   -1.59{col 46}{space 3}0.113{col 54}{space 4}-.4074522{col 67}{space 3} .0430309
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.0818058{col 26}{space 2} .1255815{col 37}{space 1}   -0.65{col 46}{space 3}0.515{col 54}{space 4}-.3286558{col 67}{space 3} .1650441
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.1219763{col 26}{space 2} .1272837{col 37}{space 1}   -0.96{col 46}{space 3}0.338{col 54}{space 4}-.3721723{col 67}{space 3} .1282196
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.1852901{col 26}{space 2} .1970576{col 37}{space 1}   -0.94{col 46}{space 3}0.348{col 54}{space 4}-.5726374{col 67}{space 3} .2020573
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.0987502{col 26}{space 2} .1215872{col 37}{space 1}   -0.81{col 46}{space 3}0.417{col 54}{space 4}-.3377486{col 67}{space 3} .1402483
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.0606884{col 26}{space 2} .1045629{col 37}{space 1}   -0.58{col 46}{space 3}0.562{col 54}{space 4} -.266223{col 67}{space 3} .1448462
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.1808519{col 26}{space 2} .1384572{col 37}{space 1}   -1.31{col 46}{space 3}0.192{col 54}{space 4}-.4530111{col 67}{space 3} .0913073
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2}-.0359165{col 26}{space 2} .1605865{col 37}{space 1}   -0.22{col 46}{space 3}0.823{col 54}{space 4}-.3515741{col 67}{space 3} .2797412
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.5029522{col 26}{space 2} .8332755{col 37}{space 1}   -0.60{col 46}{space 3}0.546{col 54}{space 4}-2.140885{col 67}{space 3}  1.13498
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.2599759{col 26}{space 2} .1362586{col 37}{space 1}   -1.91{col 46}{space 3}0.057{col 54}{space 4}-.5278134{col 67}{space 3} .0078616
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-1.727813{col 26}{space 2} .1419894{col 37}{space 1}  -12.17{col 46}{space 3}0.000{col 54}{space 4}-2.006915{col 67}{space 3} -1.44871
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2}-.2284204{col 26}{space 2} .1379523{col 37}{space 1}   -1.66{col 46}{space 3}0.099{col 54}{space 4}-.4995871{col 67}{space 3} .0427463
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}-.0990142{col 26}{space 2} .1257686{col 37}{space 1}   -0.79{col 46}{space 3}0.432{col 54}{space 4}-.3462318{col 67}{space 3} .1482035
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2}-.1254648{col 26}{space 2} .1354395{col 37}{space 1}   -0.93{col 46}{space 3}0.355{col 54}{space 4}-.3916922{col 67}{space 3} .1407626
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.3991119{col 26}{space 2} .1502334{col 37}{space 1}   -2.66{col 46}{space 3}0.008{col 54}{space 4} -.694419{col 67}{space 3}-.1038049
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2}-.2367411{col 26}{space 2} .1308586{col 37}{space 1}   -1.81{col 46}{space 3}0.071{col 54}{space 4}-.4939639{col 67}{space 3} .0204818
{txt}_Iprovinc~36 {c |}{col 14}{res}{space 2}-.6615601{col 26}{space 2}  .135702{col 37}{space 1}   -4.88{col 46}{space 3}0.000{col 54}{space 4}-.9283035{col 67}{space 3}-.3948167
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}-.1887705{col 26}{space 2} .1278347{col 37}{space 1}   -1.48{col 46}{space 3}0.141{col 54}{space 4}-.4400495{col 67}{space 3} .0625084
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.1495395{col 26}{space 2} .1791945{col 37}{space 1}   -0.83{col 46}{space 3}0.404{col 54}{space 4}-.5017741{col 67}{space 3} .2026951
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}-.0582422{col 26}{space 2} .2562722{col 37}{space 1}   -0.23{col 46}{space 3}0.820{col 54}{space 4} -.561985{col 67}{space 3} .4455006
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .2052292{col 26}{space 2} .2352428{col 37}{space 1}    0.87{col 46}{space 3}0.383{col 54}{space 4}-.2571771{col 67}{space 3} .6676356
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}-.1258983{col 26}{space 2} .1245347{col 37}{space 1}   -1.01{col 46}{space 3}0.313{col 54}{space 4}-.3706906{col 67}{space 3}  .118894
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}  .096043{col 26}{space 2} .3150703{col 37}{space 1}    0.30{col 46}{space 3}0.761{col 54}{space 4}-.5232768{col 67}{space 3} .7153627
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.0855169{col 26}{space 2} .2107238{col 37}{space 1}   -0.41{col 46}{space 3}0.685{col 54}{space 4}-.4997272{col 67}{space 3} .3286935
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.7912778{col 26}{space 2} .2461437{col 37}{space 1}   -3.21{col 46}{space 3}0.001{col 54}{space 4}-1.275111{col 67}{space 3}-.3074441
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1854957{col 26}{space 2} .1957518{col 37}{space 1}   -0.95{col 46}{space 3}0.344{col 54}{space 4}-.5702762{col 67}{space 3} .1992849
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.5267883{col 26}{space 2} .3784254{col 37}{space 1}   -1.39{col 46}{space 3}0.165{col 54}{space 4}-1.270642{col 67}{space 3} .2170658
{txt}_Iprovinc~63 {c |}{col 14}{res}{space 2} .7373371{col 26}{space 2} .1548964{col 37}{space 1}    4.76{col 46}{space 3}0.000{col 54}{space 4} .4328642{col 67}{space 3}  1.04181
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.6064049{col 26}{space 2} .1554138{col 37}{space 1}   -3.90{col 46}{space 3}0.000{col 54}{space 4}-.9118948{col 67}{space 3} -.300915
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6373975{col 26}{space 2} .0496979{col 37}{space 1}  -12.83{col 46}{space 3}0.000{col 54}{space 4}-.7350865{col 67}{space 3}-.5397086
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6631415{col 26}{space 2} .0451605{col 37}{space 1}  -14.68{col 46}{space 3}0.000{col 54}{space 4}-.7519115{col 67}{space 3}-.5743714
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6345886{col 26}{space 2}  .039422{col 37}{space 1}  -16.10{col 46}{space 3}0.000{col 54}{space 4}-.7120787{col 67}{space 3}-.5570985
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7376449{col 26}{space 2} .0430249{col 37}{space 1}  -17.14{col 46}{space 3}0.000{col 54}{space 4}-.8222171{col 67}{space 3}-.6530727
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.7083309{col 26}{space 2} .0470577{col 37}{space 1}  -15.05{col 46}{space 3}0.000{col 54}{space 4}-.8008301{col 67}{space 3}-.6158316
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2} -.686968{col 26}{space 2} .0572293{col 37}{space 1}  -12.00{col 46}{space 3}0.000{col 54}{space 4}-.7994611{col 67}{space 3}-.5744749
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7983402{col 26}{space 2} .0519131{col 37}{space 1}  -15.38{col 46}{space 3}0.000{col 54}{space 4}-.9003835{col 67}{space 3} -.696297
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.059453{col 26}{space 2} .8943284{col 37}{space 1}    4.54{col 46}{space 3}0.000{col 54}{space 4} 2.301511{col 67}{space 3} 5.817394
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (419 categories)

{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==4, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_20 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    3257
{col 56}{help j_robustsingular:F( 47, 429)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3479
{txt}{col 56}Adj R-squared ={res}  0.2352
{txt}{col 56}Root MSE      = {res} .37558

{txt}{ralign 78:(Std. Err. adjusted for {res:430} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0189927{col 26}{space 2} .0256803{col 37}{space 1}   -0.74{col 46}{space 3}0.460{col 54}{space 4}-.0694677{col 67}{space 3} .0314822
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0285034{col 26}{space 2} .0209565{col 37}{space 1}    1.36{col 46}{space 3}0.175{col 54}{space 4}-.0126867{col 67}{space 3} .0696935
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 1.42e-06{col 26}{space 2} 3.44e-06{col 37}{space 1}    0.41{col 46}{space 3}0.679{col 54}{space 4}-5.33e-06{col 67}{space 3} 8.18e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0124922{col 26}{space 2} .0059704{col 37}{space 1}    2.09{col 46}{space 3}0.037{col 54}{space 4} .0007575{col 67}{space 3}  .024227
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.6544739{col 26}{space 2} .1110272{col 37}{space 1}   -5.89{col 46}{space 3}0.000{col 54}{space 4}-.8726989{col 67}{space 3}-.4362488
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0987997{col 26}{space 2} .0086907{col 37}{space 1}  -11.37{col 46}{space 3}0.000{col 54}{space 4}-.1158814{col 67}{space 3}-.0817181
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2288966{col 26}{space 2} .1804382{col 37}{space 1}   -1.27{col 46}{space 3}0.205{col 54}{space 4}-.5835495{col 67}{space 3} .1257563
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .0618151{col 26}{space 2} .1355248{col 37}{space 1}    0.46{col 46}{space 3}0.649{col 54}{space 4}-.2045601{col 67}{space 3} .3281904
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2}  .030055{col 26}{space 2} .0054499{col 37}{space 1}    5.51{col 46}{space 3}0.000{col 54}{space 4} .0193431{col 67}{space 3} .0407669
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0051522{col 26}{space 2} .0004641{col 37}{space 1}   11.10{col 46}{space 3}0.000{col 54}{space 4} .0042401{col 67}{space 3} .0060643
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .0166605{col 26}{space 2} .1352286{col 37}{space 1}    0.12{col 46}{space 3}0.902{col 54}{space 4}-.2491326{col 67}{space 3} .2824535
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 4.36e-07{col 26}{space 2} 2.44e-07{col 37}{space 1}    1.79{col 46}{space 3}0.075{col 54}{space 4}-4.40e-08{col 67}{space 3} 9.16e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-3.88e-07{col 26}{space 2} 2.74e-07{col 37}{space 1}   -1.42{col 46}{space 3}0.157{col 54}{space 4}-9.26e-07{col 67}{space 3} 1.50e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0133347{col 26}{space 2} .0265764{col 37}{space 1}   -0.50{col 46}{space 3}0.616{col 54}{space 4}-.0655708{col 67}{space 3} .0389014
{txt}_Irelatio~20 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.2301166{col 26}{space 2} .1251335{col 37}{space 1}   -1.84{col 46}{space 3}0.067{col 54}{space 4}-.4760678{col 67}{space 3} .0158345
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.1980318{col 26}{space 2} .1324911{col 37}{space 1}   -1.49{col 46}{space 3}0.136{col 54}{space 4}-.4584444{col 67}{space 3} .0623807
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.2740846{col 26}{space 2}  .146097{col 37}{space 1}   -1.88{col 46}{space 3}0.061{col 54}{space 4}-.5612396{col 67}{space 3} .0130703
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.2994673{col 26}{space 2} .1169291{col 37}{space 1}   -2.56{col 46}{space 3}0.011{col 54}{space 4}-.5292924{col 67}{space 3}-.0696422
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.1804351{col 26}{space 2} .1399153{col 37}{space 1}   -1.29{col 46}{space 3}0.198{col 54}{space 4}-.4554399{col 67}{space 3} .0945697
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} -.188455{col 26}{space 2} .1251715{col 37}{space 1}   -1.51{col 46}{space 3}0.133{col 54}{space 4}-.4344808{col 67}{space 3} .0575708
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.1069852{col 26}{space 2}  .150303{col 37}{space 1}   -0.71{col 46}{space 3}0.477{col 54}{space 4}-.4024071{col 67}{space 3} .1884367
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.2179491{col 26}{space 2} .1172375{col 37}{space 1}   -1.86{col 46}{space 3}0.064{col 54}{space 4}-.4483804{col 67}{space 3} .0124822
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0065351{col 26}{space 2} .0723572{col 37}{space 1}    0.09{col 46}{space 3}0.928{col 54}{space 4}-.1356836{col 67}{space 3} .1487538
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .1045944{col 26}{space 2}  .136415{col 37}{space 1}    0.77{col 46}{space 3}0.444{col 54}{space 4}-.1635305{col 67}{space 3} .3727193
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} -.337332{col 26}{space 2} .1654435{col 37}{space 1}   -2.04{col 46}{space 3}0.042{col 54}{space 4}-.6625127{col 67}{space 3}-.0121513
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0293822{col 26}{space 2} .0744268{col 37}{space 1}   -0.39{col 46}{space 3}0.693{col 54}{space 4}-.1756688{col 67}{space 3} .1169043
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}  .006977{col 26}{space 2} .1699895{col 37}{space 1}    0.04{col 46}{space 3}0.967{col 54}{space 4} -.327139{col 67}{space 3} .3410929
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0325616{col 26}{space 2} .0679404{col 37}{space 1}    0.48{col 46}{space 3}0.632{col 54}{space 4}-.1009759{col 67}{space 3} .1660991
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0345004{col 26}{space 2}  .069579{col 37}{space 1}    0.50{col 46}{space 3}0.620{col 54}{space 4}-.1022578{col 67}{space 3} .1712586
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0396855{col 26}{space 2} .0709753{col 37}{space 1}    0.56{col 46}{space 3}0.576{col 54}{space 4}-.0998171{col 67}{space 3}  .179188
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0258132{col 26}{space 2} .1767819{col 37}{space 1}   -0.15{col 46}{space 3}0.884{col 54}{space 4}-.3732796{col 67}{space 3} .3216533
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0185027{col 26}{space 2} .0688227{col 37}{space 1}    0.27{col 46}{space 3}0.788{col 54}{space 4} -.116769{col 67}{space 3} .1537745
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0332987{col 26}{space 2} .0716018{col 37}{space 1}    0.47{col 46}{space 3}0.642{col 54}{space 4}-.1074353{col 67}{space 3} .1740326
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2} -.323942{col 26}{space 2} .0781732{col 37}{space 1}   -4.14{col 46}{space 3}0.000{col 54}{space 4}-.4775921{col 67}{space 3}-.1702919
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}  .254329{col 26}{space 2} .1194557{col 37}{space 1}    2.13{col 46}{space 3}0.034{col 54}{space 4} .0195377{col 67}{space 3} .4891204
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .3652866{col 26}{space 2}  .146558{col 37}{space 1}    2.49{col 46}{space 3}0.013{col 54}{space 4} .0772255{col 67}{space 3} .6533478
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2}  .128514{col 26}{space 2} .0672758{col 37}{space 1}    1.91{col 46}{space 3}0.057{col 54}{space 4}-.0037173{col 67}{space 3} .2607453
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.0598677{col 26}{space 2} .1220162{col 37}{space 1}   -0.49{col 46}{space 3}0.624{col 54}{space 4}-.2996917{col 67}{space 3} .1799562
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}-.1722747{col 26}{space 2} .4546558{col 37}{space 1}   -0.38{col 46}{space 3}0.705{col 54}{space 4}-1.065905{col 67}{space 3} .7213554
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.1311701{col 26}{space 2} .1511071{col 37}{space 1}   -0.87{col 46}{space 3}0.386{col 54}{space 4}-.4281725{col 67}{space 3} .1658324
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.1394273{col 26}{space 2} .2044813{col 37}{space 1}   -0.68{col 46}{space 3}0.496{col 54}{space 4}-.5413373{col 67}{space 3} .2624826
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2}-.0450668{col 26}{space 2} .1304607{col 37}{space 1}   -0.35{col 46}{space 3}0.730{col 54}{space 4}-.3014885{col 67}{space 3} .2113549
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.4788318{col 26}{space 2} .0975119{col 37}{space 1}   -4.91{col 46}{space 3}0.000{col 54}{space 4}-.6704923{col 67}{space 3}-.2871712
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.0466482{col 26}{space 2} .0800419{col 37}{space 1}   -0.58{col 46}{space 3}0.560{col 54}{space 4}-.2039713{col 67}{space 3}  .110675
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6557724{col 26}{space 2} .0369768{col 37}{space 1}  -17.73{col 46}{space 3}0.000{col 54}{space 4}-.7284507{col 67}{space 3}-.5830942
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7104142{col 26}{space 2} .0416088{col 37}{space 1}  -17.07{col 46}{space 3}0.000{col 54}{space 4}-.7921967{col 67}{space 3}-.6286316
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6114715{col 26}{space 2} .0458958{col 37}{space 1}  -13.32{col 46}{space 3}0.000{col 54}{space 4}-.7016803{col 67}{space 3}-.5212628
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7024147{col 26}{space 2} .0373954{col 37}{space 1}  -18.78{col 46}{space 3}0.000{col 54}{space 4}-.7759156{col 67}{space 3}-.6289137
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} -.657921{col 26}{space 2} .0417719{col 37}{space 1}  -15.75{col 46}{space 3}0.000{col 54}{space 4} -.740024{col 67}{space 3} -.575818
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6263797{col 26}{space 2} .0409788{col 37}{space 1}  -15.29{col 46}{space 3}0.000{col 54}{space 4} -.706924{col 67}{space 3}-.5458355
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7789786{col 26}{space 2} .0383757{col 37}{space 1}  -20.30{col 46}{space 3}0.000{col 54}{space 4}-.8544065{col 67}{space 3}-.7035508
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.697949{col 26}{space 2} .6204123{col 37}{space 1}    7.57{col 46}{space 3}0.000{col 54}{space 4} 3.478523{col 67}{space 3} 5.917375
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (430 categories)

{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==4, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_20 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    3257
{col 56}{help j_robustsingular:F( 47, 429)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3428
{txt}{col 56}Adj R-squared ={res}  0.2291
{txt}{col 56}Root MSE      = {res} .37534

{txt}{ralign 78:(Std. Err. adjusted for {res:430} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0196315{col 26}{space 2} .0272178{col 37}{space 1}   -0.72{col 46}{space 3}0.471{col 54}{space 4}-.0731283{col 67}{space 3} .0338652
{txt}{space 9}ece {c |}{col 14}{res}{space 2}  .018442{col 26}{space 2} .0205907{col 37}{space 1}    0.90{col 46}{space 3}0.371{col 54}{space 4}-.0220292{col 67}{space 3} .0589131
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 3.24e-06{col 26}{space 2} 3.08e-06{col 37}{space 1}    1.05{col 46}{space 3}0.293{col 54}{space 4}-2.81e-06{col 67}{space 3} 9.30e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0113326{col 26}{space 2}  .005948{col 37}{space 1}    1.91{col 46}{space 3}0.057{col 54}{space 4}-.0003581{col 67}{space 3} .0230234
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.5689848{col 26}{space 2} .1272161{col 37}{space 1}   -4.47{col 46}{space 3}0.000{col 54}{space 4}-.8190292{col 67}{space 3}-.3189404
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0935898{col 26}{space 2} .0087621{col 37}{space 1}  -10.68{col 46}{space 3}0.000{col 54}{space 4}-.1108117{col 67}{space 3}-.0763678
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.2757631{col 26}{space 2} .1725113{col 37}{space 1}   -1.60{col 46}{space 3}0.111{col 54}{space 4}-.6148356{col 67}{space 3} .0633093
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .1389739{col 26}{space 2} .1308035{col 37}{space 1}    1.06{col 46}{space 3}0.289{col 54}{space 4}-.1181216{col 67}{space 3} .3960695
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0256217{col 26}{space 2} .0060648{col 37}{space 1}    4.22{col 46}{space 3}0.000{col 54}{space 4} .0137013{col 67}{space 3} .0375421
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0047527{col 26}{space 2} .0004765{col 37}{space 1}    9.97{col 46}{space 3}0.000{col 54}{space 4}  .003816{col 67}{space 3} .0056893
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.0641735{col 26}{space 2} .1296135{col 37}{space 1}   -0.50{col 46}{space 3}0.621{col 54}{space 4}-.3189299{col 67}{space 3}  .190583
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 5.23e-07{col 26}{space 2} 2.31e-07{col 37}{space 1}    2.26{col 46}{space 3}0.024{col 54}{space 4} 6.87e-08{col 67}{space 3} 9.78e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-3.23e-07{col 26}{space 2} 2.80e-07{col 37}{space 1}   -1.15{col 46}{space 3}0.249{col 54}{space 4}-8.73e-07{col 67}{space 3} 2.27e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0075264{col 26}{space 2} .0232044{col 37}{space 1}   -0.32{col 46}{space 3}0.746{col 54}{space 4}-.0531349{col 67}{space 3} .0380821
{txt}_Irelatio~20 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.1995664{col 26}{space 2} .1278446{col 37}{space 1}   -1.56{col 46}{space 3}0.119{col 54}{space 4}-.4508461{col 67}{space 3} .0517132
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.1847708{col 26}{space 2} .1330414{col 37}{space 1}   -1.39{col 46}{space 3}0.166{col 54}{space 4}-.4462649{col 67}{space 3} .0767233
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.2976596{col 26}{space 2} .1460522{col 37}{space 1}   -2.04{col 46}{space 3}0.042{col 54}{space 4}-.5847265{col 67}{space 3}-.0105926
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.2788427{col 26}{space 2} .1197697{col 37}{space 1}   -2.33{col 46}{space 3}0.020{col 54}{space 4}-.5142511{col 67}{space 3}-.0434342
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.1934522{col 26}{space 2}  .137982{col 37}{space 1}   -1.40{col 46}{space 3}0.162{col 54}{space 4}-.4646572{col 67}{space 3} .0777527
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.2065124{col 26}{space 2} .1248126{col 37}{space 1}   -1.65{col 46}{space 3}0.099{col 54}{space 4}-.4518327{col 67}{space 3} .0388078
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.0631932{col 26}{space 2} .1401868{col 37}{space 1}   -0.45{col 46}{space 3}0.652{col 54}{space 4}-.3387317{col 67}{space 3} .2123453
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.2171882{col 26}{space 2} .1174867{col 37}{space 1}   -1.85{col 46}{space 3}0.065{col 54}{space 4}-.4481095{col 67}{space 3}  .013733
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0660281{col 26}{space 2} .0816544{col 37}{space 1}    0.81{col 46}{space 3}0.419{col 54}{space 4}-.0944644{col 67}{space 3} .2265205
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .1580885{col 26}{space 2}  .144544{col 37}{space 1}    1.09{col 46}{space 3}0.275{col 54}{space 4} -.126014{col 67}{space 3}  .442191
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2} -.435384{col 26}{space 2} .2412694{col 37}{space 1}   -1.80{col 46}{space 3}0.072{col 54}{space 4}-.9096012{col 67}{space 3} .0388332
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0055788{col 26}{space 2} .0814621{col 37}{space 1}    0.07{col 46}{space 3}0.945{col 54}{space 4}-.1545358{col 67}{space 3} .1656934
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-.0149926{col 26}{space 2} .1153145{col 37}{space 1}   -0.13{col 46}{space 3}0.897{col 54}{space 4}-.2416443{col 67}{space 3} .2116591
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0922548{col 26}{space 2} .0757129{col 37}{space 1}    1.22{col 46}{space 3}0.224{col 54}{space 4}-.0565596{col 67}{space 3} .2410692
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0848627{col 26}{space 2} .0781426{col 37}{space 1}    1.09{col 46}{space 3}0.278{col 54}{space 4}-.0687273{col 67}{space 3} .2384528
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0976805{col 26}{space 2} .0798769{col 37}{space 1}    1.22{col 46}{space 3}0.222{col 54}{space 4}-.0593182{col 67}{space 3} .2546792
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}  .088095{col 26}{space 2} .1011653{col 37}{space 1}    0.87{col 46}{space 3}0.384{col 54}{space 4}-.1107464{col 67}{space 3} .2869364
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0630418{col 26}{space 2} .0756126{col 37}{space 1}    0.83{col 46}{space 3}0.405{col 54}{space 4}-.0855754{col 67}{space 3}  .211659
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2}   .07713{col 26}{space 2} .0781076{col 37}{space 1}    0.99{col 46}{space 3}0.324{col 54}{space 4}-.0763911{col 67}{space 3} .2306511
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.3453274{col 26}{space 2} .0843255{col 37}{space 1}   -4.10{col 46}{space 3}0.000{col 54}{space 4}-.5110699{col 67}{space 3} -.179585
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .3036847{col 26}{space 2} .0912505{col 37}{space 1}    3.33{col 46}{space 3}0.001{col 54}{space 4} .1243311{col 67}{space 3} .4830384
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .3941444{col 26}{space 2} .1713007{col 37}{space 1}    2.30{col 46}{space 3}0.022{col 54}{space 4} .0574514{col 67}{space 3} .7308375
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .1667144{col 26}{space 2} .0745823{col 37}{space 1}    2.24{col 46}{space 3}0.026{col 54}{space 4} .0201222{col 67}{space 3} .3133067
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.0852847{col 26}{space 2}   .12979{col 37}{space 1}   -0.66{col 46}{space 3}0.511{col 54}{space 4}-.3403881{col 67}{space 3} .1698187
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2} .0040601{col 26}{space 2} .3116721{col 37}{space 1}    0.01{col 46}{space 3}0.990{col 54}{space 4}-.6085343{col 67}{space 3} .6166544
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .0293791{col 26}{space 2}  .107472{col 37}{space 1}    0.27{col 46}{space 3}0.785{col 54}{space 4}-.1818581{col 67}{space 3} .2406163
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.0732653{col 26}{space 2} .1722915{col 37}{space 1}   -0.43{col 46}{space 3}0.671{col 54}{space 4}-.4119059{col 67}{space 3} .2653752
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} -.031955{col 26}{space 2} .1256972{col 37}{space 1}   -0.25{col 46}{space 3}0.799{col 54}{space 4}-.2790139{col 67}{space 3}  .215104
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-.6439246{col 26}{space 2} .0985223{col 37}{space 1}   -6.54{col 46}{space 3}0.000{col 54}{space 4}-.8375711{col 67}{space 3}-.4502781
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} .0799616{col 26}{space 2} .0890527{col 37}{space 1}    0.90{col 46}{space 3}0.370{col 54}{space 4}-.0950723{col 67}{space 3} .2549955
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6710816{col 26}{space 2} .0341663{col 37}{space 1}  -19.64{col 46}{space 3}0.000{col 54}{space 4}-.7382358{col 67}{space 3}-.6039274
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.6960734{col 26}{space 2} .0419135{col 37}{space 1}  -16.61{col 46}{space 3}0.000{col 54}{space 4}-.7784547{col 67}{space 3}-.6136921
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5980741{col 26}{space 2} .0465132{col 37}{space 1}  -12.86{col 46}{space 3}0.000{col 54}{space 4}-.6894961{col 67}{space 3} -.506652
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6886276{col 26}{space 2} .0379942{col 37}{space 1}  -18.12{col 46}{space 3}0.000{col 54}{space 4}-.7633055{col 67}{space 3}-.6139496
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6253637{col 26}{space 2} .0425033{col 37}{space 1}  -14.71{col 46}{space 3}0.000{col 54}{space 4}-.7089043{col 67}{space 3}-.5418231
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.5959286{col 26}{space 2} .0422348{col 37}{space 1}  -14.11{col 46}{space 3}0.000{col 54}{space 4}-.6789415{col 67}{space 3}-.5129157
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7368165{col 26}{space 2}  .040417{col 37}{space 1}  -18.23{col 46}{space 3}0.000{col 54}{space 4}-.8162564{col 67}{space 3}-.6573766
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 4.225448{col 26}{space 2} .6951258{col 37}{space 1}    6.08{col 46}{space 3}0.000{col 54}{space 4} 2.859172{col 67}{space 3} 5.591724
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (430 categories)

{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==4, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_20 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__53 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    3257
{col 56}{help j_robustsingular:F( 47, 429)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.2696
{txt}{col 56}Adj R-squared ={res}  0.1433
{txt}{col 56}Root MSE      = {res} .50597

{txt}{ralign 78:(Std. Err. adjusted for {res:430} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0049192{col 26}{space 2} .0317041{col 37}{space 1}    0.16{col 46}{space 3}0.877{col 54}{space 4}-.0573956{col 67}{space 3} .0672339
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0082097{col 26}{space 2} .0273884{col 37}{space 1}    0.30{col 46}{space 3}0.765{col 54}{space 4}-.0456225{col 67}{space 3} .0620419
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 4.09e-06{col 26}{space 2} 4.02e-06{col 37}{space 1}    1.02{col 46}{space 3}0.310{col 54}{space 4}-3.82e-06{col 67}{space 3}  .000012
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0133933{col 26}{space 2} .0078066{col 37}{space 1}    1.72{col 46}{space 3}0.087{col 54}{space 4}-.0019507{col 67}{space 3} .0287373
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.4248163{col 26}{space 2} .1776469{col 37}{space 1}   -2.39{col 46}{space 3}0.017{col 54}{space 4}-.7739829{col 67}{space 3}-.0756497
{txt}{space 9}age {c |}{col 14}{res}{space 2} -.103182{col 26}{space 2} .0112981{col 37}{space 1}   -9.13{col 46}{space 3}0.000{col 54}{space 4}-.1253886{col 67}{space 3}-.0809754
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.4931845{col 26}{space 2}  .210424{col 37}{space 1}   -2.34{col 46}{space 3}0.020{col 54}{space 4}-.9067747{col 67}{space 3}-.0795943
{txt}{space 4}leverage {c |}{col 14}{res}{space 2} .1924748{col 26}{space 2} .1663039{col 37}{space 1}    1.16{col 46}{space 3}0.248{col 54}{space 4}-.1343971{col 67}{space 3} .5193467
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0189836{col 26}{space 2} .0085146{col 37}{space 1}    2.23{col 46}{space 3}0.026{col 54}{space 4} .0022481{col 67}{space 3} .0357191
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0051779{col 26}{space 2} .0006735{col 37}{space 1}    7.69{col 46}{space 3}0.000{col 54}{space 4} .0038542{col 67}{space 3} .0065017
{txt}{space 7}levsq {c |}{col 14}{res}{space 2}-.0294441{col 26}{space 2} .1814709{col 37}{space 1}   -0.16{col 46}{space 3}0.871{col 54}{space 4}-.3861268{col 67}{space 3} .3272387
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2} 7.68e-07{col 26}{space 2} 2.78e-07{col 37}{space 1}    2.76{col 46}{space 3}0.006{col 54}{space 4} 2.21e-07{col 67}{space 3} 1.31e-06
{txt}{space 6}export {c |}{col 14}{res}{space 2}-3.01e-07{col 26}{space 2} 3.33e-07{col 37}{space 1}   -0.90{col 46}{space 3}0.367{col 54}{space 4}-9.54e-07{col 67}{space 3} 3.53e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0123953{col 26}{space 2} .0290351{col 37}{space 1}   -0.43{col 46}{space 3}0.670{col 54}{space 4}-.0694641{col 67}{space 3} .0446735
{txt}_Irelatio~20 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.2761307{col 26}{space 2} .1227802{col 37}{space 1}   -2.25{col 46}{space 3}0.025{col 54}{space 4}-.5174563{col 67}{space 3}-.0348051
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.2775825{col 26}{space 2} .1283648{col 37}{space 1}   -2.16{col 46}{space 3}0.031{col 54}{space 4}-.5298847{col 67}{space 3}-.0252803
{txt}_Irelatio~61 {c |}{col 14}{res}{space 2}-.4343624{col 26}{space 2} .1768532{col 37}{space 1}   -2.46{col 46}{space 3}0.014{col 54}{space 4}-.7819689{col 67}{space 3}-.0867558
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2} -.366281{col 26}{space 2} .1228529{col 37}{space 1}   -2.98{col 46}{space 3}0.003{col 54}{space 4}-.6077494{col 67}{space 3}-.1248126
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.2166345{col 26}{space 2} .1233206{col 37}{space 1}   -1.76{col 46}{space 3}0.080{col 54}{space 4}-.4590224{col 67}{space 3} .0257533
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.6368451{col 26}{space 2} .1174923{col 37}{space 1}   -5.42{col 46}{space 3}0.000{col 54}{space 4}-.8677772{col 67}{space 3} -.405913
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.1037361{col 26}{space 2} .1295555{col 37}{space 1}   -0.80{col 46}{space 3}0.424{col 54}{space 4}-.3583786{col 67}{space 3} .1509064
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.2875602{col 26}{space 2} .1003338{col 37}{space 1}   -2.87{col 46}{space 3}0.004{col 54}{space 4}-.4847672{col 67}{space 3}-.0903531
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0715652{col 26}{space 2} .0954344{col 37}{space 1}    0.75{col 46}{space 3}0.454{col 54}{space 4}-.1160121{col 67}{space 3} .2591424
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .1998127{col 26}{space 2} .1566092{col 37}{space 1}    1.28{col 46}{space 3}0.203{col 54}{space 4}-.1080042{col 67}{space 3} .5076295
{txt}_Iprovinc~14 {c |}{col 14}{res}{space 2}-.7913938{col 26}{space 2}  .471884{col 37}{space 1}   -1.68{col 46}{space 3}0.094{col 54}{space 4}-1.718886{col 67}{space 3} .1360986
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}-.0303168{col 26}{space 2} .0928481{col 37}{space 1}   -0.33{col 46}{space 3}0.744{col 54}{space 4}-.2128105{col 67}{space 3}  .152177
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2} .0713891{col 26}{space 2}  .269945{col 37}{space 1}    0.26{col 46}{space 3}0.792{col 54}{space 4}-.4591903{col 67}{space 3} .6019684
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0949524{col 26}{space 2}  .078883{col 37}{space 1}    1.20{col 46}{space 3}0.229{col 54}{space 4}-.0600929{col 67}{space 3} .2499977
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .0766217{col 26}{space 2} .0823943{col 37}{space 1}    0.93{col 46}{space 3}0.353{col 54}{space 4}-.0853251{col 67}{space 3} .2385685
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .1183635{col 26}{space 2} .0868364{col 37}{space 1}    1.36{col 46}{space 3}0.174{col 54}{space 4}-.0523143{col 67}{space 3} .2890413
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2} .2526562{col 26}{space 2} .1478475{col 37}{space 1}    1.71{col 46}{space 3}0.088{col 54}{space 4}-.0379394{col 67}{space 3} .5432517
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0577085{col 26}{space 2} .0807564{col 37}{space 1}    0.71{col 46}{space 3}0.475{col 54}{space 4} -.101019{col 67}{space 3}  .216436
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .0697724{col 26}{space 2} .0828746{col 37}{space 1}    0.84{col 46}{space 3}0.400{col 54}{space 4}-.0931184{col 67}{space 3} .2326632
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.4380057{col 26}{space 2} .0956278{col 37}{space 1}   -4.58{col 46}{space 3}0.000{col 54}{space 4}-.6259631{col 67}{space 3}-.2500483
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .4184841{col 26}{space 2} .1168858{col 37}{space 1}    3.58{col 46}{space 3}0.000{col 54}{space 4}  .188744{col 67}{space 3} .6482241
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .4158729{col 26}{space 2} .1090697{col 37}{space 1}    3.81{col 46}{space 3}0.000{col 54}{space 4} .2014954{col 67}{space 3} .6302505
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .1776063{col 26}{space 2} .0780627{col 37}{space 1}    2.28{col 46}{space 3}0.023{col 54}{space 4} .0241733{col 67}{space 3} .3310394
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2}-.0490464{col 26}{space 2} .1412317{col 37}{space 1}   -0.35{col 46}{space 3}0.729{col 54}{space 4}-.3266385{col 67}{space 3} .2285458
{txt}_Iprovinc~46 {c |}{col 14}{res}{space 2}  .035307{col 26}{space 2} .4802409{col 37}{space 1}    0.07{col 46}{space 3}0.941{col 54}{space 4}-.9086109{col 67}{space 3} .9792249
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2}-.0267691{col 26}{space 2}  .143351{col 37}{space 1}   -0.19{col 46}{space 3}0.852{col 54}{space 4}-.3085268{col 67}{space 3} .2549886
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}-.0576062{col 26}{space 2} .2011268{col 37}{space 1}   -0.29{col 46}{space 3}0.775{col 54}{space 4}-.4529228{col 67}{space 3} .3377105
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .0245051{col 26}{space 2} .1434972{col 37}{space 1}    0.17{col 46}{space 3}0.864{col 54}{space 4}  -.25754{col 67}{space 3} .3065501
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2}-1.123247{col 26}{space 2} .1132016{col 37}{space 1}   -9.92{col 46}{space 3}0.000{col 54}{space 4}-1.345745{col 67}{space 3}-.9007481
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2} .1705764{col 26}{space 2} .0931833{col 37}{space 1}    1.83{col 46}{space 3}0.068{col 54}{space 4}-.0125762{col 67}{space 3} .3537289
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.5495936{col 26}{space 2} .0478597{col 37}{space 1}  -11.48{col 46}{space 3}0.000{col 54}{space 4}-.6436623{col 67}{space 3}-.4555249
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7157453{col 26}{space 2} .0527534{col 37}{space 1}  -13.57{col 46}{space 3}0.000{col 54}{space 4}-.8194326{col 67}{space 3} -.612058
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5708263{col 26}{space 2} .0547876{col 37}{space 1}  -10.42{col 46}{space 3}0.000{col 54}{space 4}-.6785118{col 67}{space 3}-.4631408
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6765415{col 26}{space 2} .0450344{col 37}{space 1}  -15.02{col 46}{space 3}0.000{col 54}{space 4}-.7650569{col 67}{space 3} -.588026
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2} -.598302{col 26}{space 2} .0523845{col 37}{space 1}  -11.42{col 46}{space 3}0.000{col 54}{space 4}-.7012642{col 67}{space 3}-.4953399
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.5857872{col 26}{space 2} .0506004{col 37}{space 1}  -11.58{col 46}{space 3}0.000{col 54}{space 4}-.6852427{col 67}{space 3}-.4863317
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} -.719546{col 26}{space 2}  .049976{col 37}{space 1}  -14.40{col 46}{space 3}0.000{col 54}{space 4}-.8177742{col 67}{space 3}-.6213177
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  3.51634{col 26}{space 2} .9149806{col 37}{space 1}    3.84{col 46}{space 3}0.000{col 54}{space 4} 1.717937{col 67}{space 3} 5.314743
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (430 categories)

{com}. 
. xi: areg netmargin eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==5, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    3233
{col 56}{help j_robustsingular:F( 44, 444)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4644
{txt}{col 56}Adj R-squared ={res}  0.3678
{txt}{col 56}Root MSE      = {res} .37273

{txt}{ralign 78:(Std. Err. adjusted for {res:445} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}   netmargin{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2}-.0073231{col 26}{space 2} .0285449{col 37}{space 1}   -0.26{col 46}{space 3}0.798{col 54}{space 4} -.063423{col 67}{space 3} .0487768
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0140282{col 26}{space 2} .0226407{col 37}{space 1}    0.62{col 46}{space 3}0.536{col 54}{space 4}-.0304681{col 67}{space 3} .0585245
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 2.89e-07{col 26}{space 2} 4.01e-06{col 37}{space 1}    0.07{col 46}{space 3}0.942{col 54}{space 4}-7.59e-06{col 67}{space 3} 8.16e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0025024{col 26}{space 2} .0008215{col 37}{space 1}    3.05{col 46}{space 3}0.002{col 54}{space 4} .0008879{col 67}{space 3} .0041169
{txt}{space 3}logassets {c |}{col 14}{res}{space 2} -.437363{col 26}{space 2} .1015202{col 37}{space 1}   -4.31{col 46}{space 3}0.000{col 54}{space 4}-.6368827{col 67}{space 3}-.2378432
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0937094{col 26}{space 2} .0109445{col 37}{space 1}   -8.56{col 46}{space 3}0.000{col 54}{space 4}-.1152189{col 67}{space 3}-.0721999
{txt}{space 7}effic {c |}{col 14}{res}{space 2} .0848318{col 26}{space 2} .1655455{col 37}{space 1}    0.51{col 46}{space 3}0.609{col 54}{space 4}-.2405184{col 67}{space 3}  .410182
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.2223112{col 26}{space 2} .1452366{col 37}{space 1}   -1.53{col 46}{space 3}0.127{col 54}{space 4}-.5077478{col 67}{space 3} .0631255
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0198292{col 26}{space 2} .0050551{col 37}{space 1}    3.92{col 46}{space 3}0.000{col 54}{space 4} .0098943{col 67}{space 3}  .029764
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0051572{col 26}{space 2} .0006481{col 37}{space 1}    7.96{col 46}{space 3}0.000{col 54}{space 4} .0038836{col 67}{space 3} .0064308
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3607372{col 26}{space 2}  .142558{col 37}{space 1}    2.53{col 46}{space 3}0.012{col 54}{space 4} .0805649{col 67}{space 3} .6409095
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-2.56e-07{col 26}{space 2} 2.03e-07{col 37}{space 1}   -1.26{col 46}{space 3}0.207{col 54}{space 4}-6.55e-07{col 67}{space 3} 1.42e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-3.32e-07{col 26}{space 2} 2.30e-07{col 37}{space 1}   -1.44{col 46}{space 3}0.151{col 54}{space 4}-7.84e-07{col 67}{space 3} 1.21e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0080216{col 26}{space 2} .0240329{col 37}{space 1}   -0.33{col 46}{space 3}0.739{col 54}{space 4}-.0552539{col 67}{space 3} .0392107
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1171738{col 26}{space 2} .3183784{col 37}{space 1}    0.37{col 46}{space 3}0.713{col 54}{space 4} -.508542{col 67}{space 3} .7428896
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .0299263{col 26}{space 2} .2415508{col 37}{space 1}    0.12{col 46}{space 3}0.901{col 54}{space 4}-.4447985{col 67}{space 3} .5046512
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0060854{col 26}{space 2} .2406483{col 37}{space 1}   -0.03{col 46}{space 3}0.980{col 54}{space 4}-.4790366{col 67}{space 3} .4668658
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.1787522{col 26}{space 2} .2665708{col 37}{space 1}   -0.67{col 46}{space 3}0.503{col 54}{space 4}-.7026495{col 67}{space 3}  .345145
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.1542779{col 26}{space 2} .2423396{col 37}{space 1}   -0.64{col 46}{space 3}0.525{col 54}{space 4} -.630553{col 67}{space 3} .3219972
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.0452271{col 26}{space 2} .2362787{col 37}{space 1}   -0.19{col 46}{space 3}0.848{col 54}{space 4}-.5095906{col 67}{space 3} .4191365
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.0021597{col 26}{space 2} .2303245{col 37}{space 1}   -0.01{col 46}{space 3}0.993{col 54}{space 4}-.4548213{col 67}{space 3} .4505019
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.0292324{col 26}{space 2} .2375462{col 37}{space 1}   -0.12{col 46}{space 3}0.902{col 54}{space 4}-.4960871{col 67}{space 3} .4376222
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0282877{col 26}{space 2} .0593341{col 37}{space 1}    0.48{col 46}{space 3}0.634{col 54}{space 4}-.0883229{col 67}{space 3} .1448982
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .1560843{col 26}{space 2} .1884289{col 37}{space 1}    0.83{col 46}{space 3}0.408{col 54}{space 4} -.214239{col 67}{space 3} .5264076
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .0915761{col 26}{space 2}  .090259{col 37}{space 1}    1.01{col 46}{space 3}0.311{col 54}{space 4}-.0858118{col 67}{space 3}  .268964
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-.5940079{col 26}{space 2} .1029385{col 37}{space 1}   -5.77{col 46}{space 3}0.000{col 54}{space 4}-.7963151{col 67}{space 3}-.3917007
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0707447{col 26}{space 2} .0624413{col 37}{space 1}    1.13{col 46}{space 3}0.258{col 54}{space 4}-.0519726{col 67}{space 3}  .193462
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2}  .122205{col 26}{space 2} .0623401{col 37}{space 1}    1.96{col 46}{space 3}0.051{col 54}{space 4}-.0003133{col 67}{space 3} .2447233
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0926975{col 26}{space 2} .0621414{col 37}{space 1}    1.49{col 46}{space 3}0.136{col 54}{space 4}-.0294304{col 67}{space 3} .2148254
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.1598284{col 26}{space 2} .0883398{col 37}{space 1}   -1.81{col 46}{space 3}0.071{col 54}{space 4}-.3334444{col 67}{space 3} .0137876
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0580299{col 26}{space 2} .0603529{col 37}{space 1}    0.96{col 46}{space 3}0.337{col 54}{space 4}-.0605829{col 67}{space 3} .1766426
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1073816{col 26}{space 2}  .073229{col 37}{space 1}    1.47{col 46}{space 3}0.143{col 54}{space 4} -.036537{col 67}{space 3} .2513002
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.0097119{col 26}{space 2} .3974284{col 37}{space 1}   -0.02{col 46}{space 3}0.981{col 54}{space 4}-.7907864{col 67}{space 3} .7713626
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .2845462{col 26}{space 2} .1454616{col 37}{space 1}    1.96{col 46}{space 3}0.051{col 54}{space 4}-.0013325{col 67}{space 3} .5704248
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2} .4226631{col 26}{space 2} .1979977{col 37}{space 1}    2.13{col 46}{space 3}0.033{col 54}{space 4} .0335341{col 67}{space 3} .8117922
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .1152739{col 26}{space 2} .0603476{col 37}{space 1}    1.91{col 46}{space 3}0.057{col 54}{space 4}-.0033286{col 67}{space 3} .2338764
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .0526181{col 26}{space 2} .1228684{col 37}{space 1}    0.43{col 46}{space 3}0.669{col 54}{space 4}-.1888578{col 67}{space 3}  .294094
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .1368894{col 26}{space 2}  .075716{col 37}{space 1}    1.81{col 46}{space 3}0.071{col 54}{space 4}-.0119168{col 67}{space 3} .2856957
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .1636402{col 26}{space 2} .2716833{col 37}{space 1}    0.60{col 46}{space 3}0.547{col 54}{space 4}-.3703048{col 67}{space 3} .6975852
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .9025559{col 26}{space 2}  .061939{col 37}{space 1}   14.57{col 46}{space 3}0.000{col 54}{space 4} .7808259{col 67}{space 3} 1.024286
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .3518149{col 26}{space 2} .1817506{col 37}{space 1}    1.94{col 46}{space 3}0.054{col 54}{space 4}-.0053835{col 67}{space 3} .7090133
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2} .0369944{col 26}{space 2} .0966232{col 37}{space 1}    0.38{col 46}{space 3}0.702{col 54}{space 4}-.1529013{col 67}{space 3} .2268902
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.0605032{col 26}{space 2} .0786454{col 37}{space 1}   -0.77{col 46}{space 3}0.442{col 54}{space 4}-.2150667{col 67}{space 3} .0940602
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2} -.710941{col 26}{space 2} .0482461{col 37}{space 1}  -14.74{col 46}{space 3}0.000{col 54}{space 4}-.8057601{col 67}{space 3}-.6161219
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7340559{col 26}{space 2} .0484021{col 37}{space 1}  -15.17{col 46}{space 3}0.000{col 54}{space 4}-.8291816{col 67}{space 3}-.6389302
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.6003442{col 26}{space 2} .0422667{col 37}{space 1}  -14.20{col 46}{space 3}0.000{col 54}{space 4}-.6834118{col 67}{space 3}-.5172765
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.7178858{col 26}{space 2} .0425089{col 37}{space 1}  -16.89{col 46}{space 3}0.000{col 54}{space 4}-.8014295{col 67}{space 3}-.6343421
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6854583{col 26}{space 2} .0402969{col 37}{space 1}  -17.01{col 46}{space 3}0.000{col 54}{space 4}-.7646546{col 67}{space 3} -.606262
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6271628{col 26}{space 2} .0422017{col 37}{space 1}  -14.86{col 46}{space 3}0.000{col 54}{space 4}-.7101028{col 67}{space 3}-.5442228
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2} -.824042{col 26}{space 2} .0413169{col 37}{space 1}  -19.94{col 46}{space 3}0.000{col 54}{space 4}-.9052431{col 67}{space 3} -.742841
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}  3.49544{col 26}{space 2} .5598614{col 37}{space 1}    6.24{col 46}{space 3}0.000{col 54}{space 4} 2.395132{col 67}{space 3} 4.595747
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (445 categories)

{com}. xi: areg roa eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==5, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    3233
{col 56}{help j_robustsingular:F( 44, 444)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.4534
{txt}{col 56}Adj R-squared ={res}  0.3547
{txt}{col 56}Root MSE      = {res} .37138

{txt}{ralign 78:(Std. Err. adjusted for {res:445} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roa{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0001572{col 26}{space 2} .0265828{col 37}{space 1}    0.01{col 46}{space 3}0.995{col 54}{space 4}-.0520867{col 67}{space 3}  .052401
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0153991{col 26}{space 2} .0219656{col 37}{space 1}    0.70{col 46}{space 3}0.484{col 54}{space 4}-.0277704{col 67}{space 3} .0585687
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 5.35e-07{col 26}{space 2} 3.45e-06{col 37}{space 1}    0.15{col 46}{space 3}0.877{col 54}{space 4}-6.25e-06{col 67}{space 3} 7.32e-06
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0026963{col 26}{space 2} .0008432{col 37}{space 1}    3.20{col 46}{space 3}0.001{col 54}{space 4} .0010391{col 67}{space 3} .0043536
{txt}{space 3}logassets {c |}{col 14}{res}{space 2}-.3785908{col 26}{space 2} .1026497{col 37}{space 1}   -3.69{col 46}{space 3}0.000{col 54}{space 4}-.5803304{col 67}{space 3}-.1768511
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0946242{col 26}{space 2} .0105329{col 37}{space 1}   -8.98{col 46}{space 3}0.000{col 54}{space 4}-.1153246{col 67}{space 3}-.0739237
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.0173113{col 26}{space 2} .1540173{col 37}{space 1}   -0.11{col 46}{space 3}0.911{col 54}{space 4}-.3200048{col 67}{space 3} .2853821
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.1979051{col 26}{space 2} .1452433{col 37}{space 1}   -1.36{col 46}{space 3}0.174{col 54}{space 4}-.4833547{col 67}{space 3} .0875446
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2} .0169104{col 26}{space 2} .0050098{col 37}{space 1}    3.38{col 46}{space 3}0.001{col 54}{space 4} .0070646{col 67}{space 3} .0267562
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0050911{col 26}{space 2} .0006379{col 37}{space 1}    7.98{col 46}{space 3}0.000{col 54}{space 4} .0038374{col 67}{space 3} .0063447
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .3192639{col 26}{space 2} .1425256{col 37}{space 1}    2.24{col 46}{space 3}0.026{col 54}{space 4} .0391553{col 67}{space 3} .5993725
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-8.00e-08{col 26}{space 2} 1.86e-07{col 37}{space 1}   -0.43{col 46}{space 3}0.667{col 54}{space 4}-4.45e-07{col 67}{space 3} 2.85e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-2.34e-07{col 26}{space 2} 2.11e-07{col 37}{space 1}   -1.11{col 46}{space 3}0.268{col 54}{space 4}-6.48e-07{col 67}{space 3} 1.81e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0131092{col 26}{space 2} .0230469{col 37}{space 1}   -0.57{col 46}{space 3}0.570{col 54}{space 4}-.0584038{col 67}{space 3} .0321853
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2}  .192622{col 26}{space 2} .2447856{col 37}{space 1}    0.79{col 46}{space 3}0.432{col 54}{space 4}-.2884605{col 67}{space 3} .6737044
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2} .0739748{col 26}{space 2} .1731526{col 37}{space 1}    0.43{col 46}{space 3}0.669{col 54}{space 4}-.2663257{col 67}{space 3} .4142753
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2} .0160129{col 26}{space 2} .1714086{col 37}{space 1}    0.09{col 46}{space 3}0.926{col 54}{space 4}-.3208601{col 67}{space 3} .3528859
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.1229427{col 26}{space 2} .1949855{col 37}{space 1}   -0.63{col 46}{space 3}0.529{col 54}{space 4} -.506152{col 67}{space 3} .2602665
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2} -.109336{col 26}{space 2} .1807356{col 37}{space 1}   -0.60{col 46}{space 3}0.546{col 54}{space 4}-.4645395{col 67}{space 3} .2458674
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2} .0423771{col 26}{space 2} .1681113{col 37}{space 1}    0.25{col 46}{space 3}0.801{col 54}{space 4}-.2880156{col 67}{space 3} .3727697
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2} .0535081{col 26}{space 2} .1697729{col 37}{space 1}    0.32{col 46}{space 3}0.753{col 54}{space 4}-.2801501{col 67}{space 3} .3871663
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2} .0074427{col 26}{space 2} .1681711{col 37}{space 1}    0.04{col 46}{space 3}0.965{col 54}{space 4}-.3230675{col 67}{space 3} .3379529
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2} .0138101{col 26}{space 2} .0621695{col 37}{space 1}    0.22{col 46}{space 3}0.824{col 54}{space 4}-.1083729{col 67}{space 3} .1359931
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .0380829{col 26}{space 2} .1293491{col 37}{space 1}    0.29{col 46}{space 3}0.769{col 54}{space 4}-.2161297{col 67}{space 3} .2922955
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2}  .079676{col 26}{space 2} .0805675{col 37}{space 1}    0.99{col 46}{space 3}0.323{col 54}{space 4}-.0786651{col 67}{space 3} .2380171
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-.5792498{col 26}{space 2} .1051915{col 37}{space 1}   -5.51{col 46}{space 3}0.000{col 54}{space 4}-.7859848{col 67}{space 3}-.3725147
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0758544{col 26}{space 2} .0620233{col 37}{space 1}    1.22{col 46}{space 3}0.222{col 54}{space 4}-.0460413{col 67}{space 3}   .19775
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .1060869{col 26}{space 2} .0607465{col 37}{space 1}    1.75{col 46}{space 3}0.081{col 54}{space 4}-.0132995{col 67}{space 3} .2254734
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .0995137{col 26}{space 2} .0644009{col 37}{space 1}    1.55{col 46}{space 3}0.123{col 54}{space 4}-.0270547{col 67}{space 3} .2260822
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0963693{col 26}{space 2} .0977914{col 37}{space 1}   -0.99{col 46}{space 3}0.325{col 54}{space 4}-.2885608{col 67}{space 3} .0958221
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0468719{col 26}{space 2} .0634709{col 37}{space 1}    0.74{col 46}{space 3}0.461{col 54}{space 4}-.0778689{col 67}{space 3} .1716126
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1023469{col 26}{space 2} .0732191{col 37}{space 1}    1.40{col 46}{space 3}0.163{col 54}{space 4}-.0415522{col 67}{space 3} .2462459
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.0181596{col 26}{space 2} .4003226{col 37}{space 1}   -0.05{col 46}{space 3}0.964{col 54}{space 4}-.8049222{col 67}{space 3} .7686031
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2} .4128105{col 26}{space 2} .0910432{col 37}{space 1}    4.53{col 46}{space 3}0.000{col 54}{space 4} .2338813{col 67}{space 3} .5917397
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}   .47986{col 26}{space 2} .2159245{col 37}{space 1}    2.22{col 46}{space 3}0.027{col 54}{space 4} .0554991{col 67}{space 3}  .904221
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .1118387{col 26}{space 2} .0625091{col 37}{space 1}    1.79{col 46}{space 3}0.074{col 54}{space 4}-.0110118{col 67}{space 3} .2346892
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .0443954{col 26}{space 2} .1474505{col 37}{space 1}    0.30{col 46}{space 3}0.763{col 54}{space 4}-.2453922{col 67}{space 3}  .334183
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .0819934{col 26}{space 2} .0689526{col 37}{space 1}    1.19{col 46}{space 3}0.235{col 54}{space 4}-.0535207{col 67}{space 3} .2175075
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2} .1267481{col 26}{space 2}   .16783{col 37}{space 1}    0.76{col 46}{space 3}0.451{col 54}{space 4}-.2030917{col 67}{space 3} .4565879
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .2919123{col 26}{space 2} .0624689{col 37}{space 1}    4.67{col 46}{space 3}0.000{col 54}{space 4} .1691408{col 67}{space 3} .4146838
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .3144449{col 26}{space 2} .1507882{col 37}{space 1}    2.09{col 46}{space 3}0.038{col 54}{space 4} .0180977{col 67}{space 3} .6107921
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2} .0228983{col 26}{space 2} .1000344{col 37}{space 1}    0.23{col 46}{space 3}0.819{col 54}{space 4}-.1737015{col 67}{space 3} .2194981
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.1165146{col 26}{space 2} .0784962{col 37}{space 1}   -1.48{col 46}{space 3}0.138{col 54}{space 4}-.2707848{col 67}{space 3} .0377555
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.7098058{col 26}{space 2} .0431012{col 37}{space 1}  -16.47{col 46}{space 3}0.000{col 54}{space 4}-.7945135{col 67}{space 3} -.625098
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2}-.7043568{col 26}{space 2} .0495109{col 37}{space 1}  -14.23{col 46}{space 3}0.000{col 54}{space 4}-.8016617{col 67}{space 3}-.6070519
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2}-.5985231{col 26}{space 2} .0436601{col 37}{space 1}  -13.71{col 46}{space 3}0.000{col 54}{space 4}-.6843292{col 67}{space 3} -.512717
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6923206{col 26}{space 2}  .045083{col 37}{space 1}  -15.36{col 46}{space 3}0.000{col 54}{space 4}-.7809232{col 67}{space 3} -.603718
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6674494{col 26}{space 2} .0388407{col 37}{space 1}  -17.18{col 46}{space 3}0.000{col 54}{space 4}-.7437838{col 67}{space 3}-.5911149
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.6084627{col 26}{space 2} .0413231{col 37}{space 1}  -14.72{col 46}{space 3}0.000{col 54}{space 4}-.6896758{col 67}{space 3}-.5272496
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7947345{col 26}{space 2} .0397694{col 37}{space 1}  -19.98{col 46}{space 3}0.000{col 54}{space 4}-.8728941{col 67}{space 3}-.7165748
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 3.178995{col 26}{space 2} .5392463{col 37}{space 1}    5.90{col 46}{space 3}0.000{col 54}{space 4} 2.119202{col 67}{space 3} 4.238787
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (445 categories)

{com}. xi: areg roe eceage ece intangible wageav logassets age effic leverage lnassetssq agesq levsq efficsq export transp i.relationship i.province_id i.year if jv==0&hkquint==5, absorb(sector_id) cluster(sector_id)
{txt}i.relationship{col 19}_Irelations_10-90{col 39}(naturally coded; _Irelations_10 omitted)
i.province_id{col 19}_Iprovince__11-65{col 39}(naturally coded; _Iprovince__11 omitted)
i.year{col 19}_Iyear_1998-2005{col 39}(naturally coded; _Iyear_1998 omitted)
{txt}note: _Irelations_61 omitted because of collinearity
{txt}note: _Iprovince__14 omitted because of collinearity
{txt}note: _Iprovince__15 omitted because of collinearity
{txt}note: _Iprovince__36 omitted because of collinearity
{txt}note: _Iprovince__46 omitted because of collinearity
{txt}note: _Iprovince__52 omitted because of collinearity
{txt}note: _Iprovince__63 omitted because of collinearity
{txt}note: _Iprovince__64 omitted because of collinearity
{res}
{txt}Linear regression, absorbing indicators{col 56}Number of obs ={res}    3233
{col 56}{help j_robustsingular:F( 44, 444)}{col 70}{help j_robustsingular:=       .}
{txt}{col 56}Prob > F      =
{col 56}R-squared     ={res}  0.3598
{txt}{col 56}Adj R-squared ={res}  0.2442
{txt}{col 56}Root MSE      = {res} .48644

{txt}{ralign 78:(Std. Err. adjusted for {res:445} clusters in sector_id)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}         roe{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}eceage {c |}{col 14}{res}{space 2} .0067461{col 26}{space 2} .0368443{col 37}{space 1}    0.18{col 46}{space 3}0.855{col 54}{space 4}-.0656648{col 67}{space 3}  .079157
{txt}{space 9}ece {c |}{col 14}{res}{space 2} .0212172{col 26}{space 2} .0325743{col 37}{space 1}    0.65{col 46}{space 3}0.515{col 54}{space 4}-.0428017{col 67}{space 3} .0852361
{txt}{space 2}intangible {c |}{col 14}{res}{space 2} 3.71e-07{col 26}{space 2} 5.01e-06{col 37}{space 1}    0.07{col 46}{space 3}0.941{col 54}{space 4}-9.48e-06{col 67}{space 3} .0000102
{txt}{space 6}wageav {c |}{col 14}{res}{space 2} .0035686{col 26}{space 2} .0010796{col 37}{space 1}    3.31{col 46}{space 3}0.001{col 54}{space 4}  .001447{col 67}{space 3} .0056903
{txt}{space 3}logassets {c |}{col 14}{res}{space 2} -.319446{col 26}{space 2} .1343707{col 37}{space 1}   -2.38{col 46}{space 3}0.018{col 54}{space 4}-.5835275{col 67}{space 3}-.0553644
{txt}{space 9}age {c |}{col 14}{res}{space 2}   -.0923{col 26}{space 2} .0134656{col 37}{space 1}   -6.85{col 46}{space 3}0.000{col 54}{space 4}-.1187643{col 67}{space 3}-.0658358
{txt}{space 7}effic {c |}{col 14}{res}{space 2}-.1464276{col 26}{space 2} .1747487{col 37}{space 1}   -0.84{col 46}{space 3}0.403{col 54}{space 4} -.489865{col 67}{space 3} .1970097
{txt}{space 4}leverage {c |}{col 14}{res}{space 2}-.3097649{col 26}{space 2} .2119451{col 37}{space 1}   -1.46{col 46}{space 3}0.145{col 54}{space 4}-.7263051{col 67}{space 3} .1067754
{txt}{space 2}lnassetssq {c |}{col 14}{res}{space 2}  .014668{col 26}{space 2} .0066576{col 37}{space 1}    2.20{col 46}{space 3}0.028{col 54}{space 4} .0015836{col 67}{space 3} .0277524
{txt}{space 7}agesq {c |}{col 14}{res}{space 2} .0049366{col 26}{space 2} .0008297{col 37}{space 1}    5.95{col 46}{space 3}0.000{col 54}{space 4}  .003306{col 67}{space 3} .0065671
{txt}{space 7}levsq {c |}{col 14}{res}{space 2} .5527077{col 26}{space 2} .2355195{col 37}{space 1}    2.35{col 46}{space 3}0.019{col 54}{space 4} .0898361{col 67}{space 3} 1.015579
{txt}{space 5}efficsq {c |}{col 14}{res}{space 2}-1.01e-08{col 26}{space 2} 2.10e-07{col 37}{space 1}   -0.05{col 46}{space 3}0.962{col 54}{space 4}-4.22e-07{col 67}{space 3} 4.02e-07
{txt}{space 6}export {c |}{col 14}{res}{space 2}-2.60e-07{col 26}{space 2} 3.19e-07{col 37}{space 1}   -0.82{col 46}{space 3}0.415{col 54}{space 4}-8.86e-07{col 67}{space 3} 3.66e-07
{txt}{space 6}transp {c |}{col 14}{res}{space 2}-.0285325{col 26}{space 2} .0266378{col 37}{space 1}   -1.07{col 46}{space 3}0.285{col 54}{space 4}-.0808843{col 67}{space 3} .0238194
{txt}_Irelatio~20 {c |}{col 14}{res}{space 2} .1721602{col 26}{space 2} .2912816{col 37}{space 1}    0.59{col 46}{space 3}0.555{col 54}{space 4}-.4003017{col 67}{space 3} .7446221
{txt}_Irelatio~40 {c |}{col 14}{res}{space 2}-.0058018{col 26}{space 2} .2297871{col 37}{space 1}   -0.03{col 46}{space 3}0.980{col 54}{space 4}-.4574073{col 67}{space 3} .4458037
{txt}_Irelatio~50 {c |}{col 14}{res}{space 2}-.0252248{col 26}{space 2}  .224546{col 37}{space 1}   -0.11{col 46}{space 3}0.911{col 54}{space 4}-.4665298{col 67}{space 3} .4160803
{txt}_Irelatio~61 {c |}{col 14}{res}  (omitted)
{txt}_Irelatio~62 {c |}{col 14}{res}{space 2}-.1102324{col 26}{space 2}  .270516{col 37}{space 1}   -0.41{col 46}{space 3}0.684{col 54}{space 4}-.6418832{col 67}{space 3} .4214184
{txt}_Irelatio~63 {c |}{col 14}{res}{space 2}-.1978863{col 26}{space 2} .2360913{col 37}{space 1}   -0.84{col 46}{space 3}0.402{col 54}{space 4}-.6618815{col 67}{space 3} .2661089
{txt}_Irelatio~71 {c |}{col 14}{res}{space 2}-.0344348{col 26}{space 2} .2216954{col 37}{space 1}   -0.16{col 46}{space 3}0.877{col 54}{space 4}-.4701374{col 67}{space 3} .4012678
{txt}_Irelatio~72 {c |}{col 14}{res}{space 2}-.0102027{col 26}{space 2} .2247661{col 37}{space 1}   -0.05{col 46}{space 3}0.964{col 54}{space 4}-.4519403{col 67}{space 3} .4315348
{txt}_Irelatio~90 {c |}{col 14}{res}{space 2}-.0564039{col 26}{space 2} .2220505{col 37}{space 1}   -0.25{col 46}{space 3}0.800{col 54}{space 4}-.4928044{col 67}{space 3} .3799966
{txt}_Iprovinc~12 {c |}{col 14}{res}{space 2}-.0155288{col 26}{space 2} .0750592{col 37}{space 1}   -0.21{col 46}{space 3}0.836{col 54}{space 4}-.1630443{col 67}{space 3} .1319866
{txt}_Iprovinc~13 {c |}{col 14}{res}{space 2} .1586988{col 26}{space 2} .2561128{col 37}{space 1}    0.62{col 46}{space 3}0.536{col 54}{space 4}-.3446451{col 67}{space 3} .6620428
{txt}_Iprovinc~14 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~15 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~21 {c |}{col 14}{res}{space 2} .1160839{col 26}{space 2} .0992421{col 37}{space 1}    1.17{col 46}{space 3}0.243{col 54}{space 4}-.0789587{col 67}{space 3} .3111264
{txt}_Iprovinc~23 {c |}{col 14}{res}{space 2}-.6606976{col 26}{space 2} .1365333{col 37}{space 1}   -4.84{col 46}{space 3}0.000{col 54}{space 4}-.9290295{col 67}{space 3}-.3923658
{txt}_Iprovinc~31 {c |}{col 14}{res}{space 2} .0756473{col 26}{space 2} .0719601{col 37}{space 1}    1.05{col 46}{space 3}0.294{col 54}{space 4}-.0657774{col 67}{space 3}  .217072
{txt}_Iprovinc~32 {c |}{col 14}{res}{space 2} .1084696{col 26}{space 2} .0725188{col 37}{space 1}    1.50{col 46}{space 3}0.135{col 54}{space 4}-.0340533{col 67}{space 3} .2509924
{txt}_Iprovinc~33 {c |}{col 14}{res}{space 2} .1157832{col 26}{space 2} .0789861{col 37}{space 1}    1.47{col 46}{space 3}0.143{col 54}{space 4}-.0394499{col 67}{space 3} .2710162
{txt}_Iprovinc~34 {c |}{col 14}{res}{space 2}-.0106805{col 26}{space 2} .2428166{col 37}{space 1}   -0.04{col 46}{space 3}0.965{col 54}{space 4}-.4878932{col 67}{space 3} .4665322
{txt}_Iprovinc~35 {c |}{col 14}{res}{space 2} .0359997{col 26}{space 2}  .075158{col 37}{space 1}    0.48{col 46}{space 3}0.632{col 54}{space 4}  -.11171{col 67}{space 3} .1837094
{txt}_Iprovinc~36 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~37 {c |}{col 14}{res}{space 2} .1004296{col 26}{space 2} .0875661{col 37}{space 1}    1.15{col 46}{space 3}0.252{col 54}{space 4} -.071666{col 67}{space 3} .2725251
{txt}_Iprovinc~41 {c |}{col 14}{res}{space 2}-.0471886{col 26}{space 2} .3805067{col 37}{space 1}   -0.12{col 46}{space 3}0.901{col 54}{space 4}-.7950065{col 67}{space 3} .7006293
{txt}_Iprovinc~42 {c |}{col 14}{res}{space 2}  .491349{col 26}{space 2} .1045134{col 37}{space 1}    4.70{col 46}{space 3}0.000{col 54}{space 4} .2859467{col 67}{space 3} .6967514
{txt}_Iprovinc~43 {c |}{col 14}{res}{space 2}  .452207{col 26}{space 2}  .174634{col 37}{space 1}    2.59{col 46}{space 3}0.010{col 54}{space 4}  .108995{col 67}{space 3} .7954189
{txt}_Iprovinc~44 {c |}{col 14}{res}{space 2} .1091353{col 26}{space 2} .0759613{col 37}{space 1}    1.44{col 46}{space 3}0.152{col 54}{space 4}-.0401531{col 67}{space 3} .2584237
{txt}_Iprovinc~45 {c |}{col 14}{res}{space 2} .1854784{col 26}{space 2} .2106127{col 37}{space 1}    0.88{col 46}{space 3}0.379{col 54}{space 4}-.2284431{col 67}{space 3}    .5994
{txt}_Iprovinc~46 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~50 {c |}{col 14}{res}{space 2} .1699737{col 26}{space 2} .0941698{col 37}{space 1}    1.80{col 46}{space 3}0.072{col 54}{space 4}-.0151001{col 67}{space 3} .3550476
{txt}_Iprovinc~51 {c |}{col 14}{res}{space 2}  .221728{col 26}{space 2} .2409744{col 37}{space 1}    0.92{col 46}{space 3}0.358{col 54}{space 4}-.2518642{col 67}{space 3} .6953201
{txt}_Iprovinc~52 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~53 {c |}{col 14}{res}{space 2} .5795288{col 26}{space 2} .0772152{col 37}{space 1}    7.51{col 46}{space 3}0.000{col 54}{space 4} .4277762{col 67}{space 3} .7312814
{txt}_Iprovinc~61 {c |}{col 14}{res}{space 2} .4726129{col 26}{space 2} .1629717{col 37}{space 1}    2.90{col 46}{space 3}0.004{col 54}{space 4} .1523212{col 67}{space 3} .7929046
{txt}_Iprovinc~62 {c |}{col 14}{res}{space 2} .0041404{col 26}{space 2} .1205268{col 37}{space 1}    0.03{col 46}{space 3}0.973{col 54}{space 4}-.2327335{col 67}{space 3} .2410144
{txt}_Iprovinc~63 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~64 {c |}{col 14}{res}  (omitted)
{txt}_Iprovinc~65 {c |}{col 14}{res}{space 2}-.0971011{col 26}{space 2} .0913259{col 37}{space 1}   -1.06{col 46}{space 3}0.288{col 54}{space 4}-.2765857{col 67}{space 3} .0823836
{txt}{space 1}_Iyear_1999 {c |}{col 14}{res}{space 2}-.6380248{col 26}{space 2} .0650807{col 37}{space 1}   -9.80{col 46}{space 3}0.000{col 54}{space 4}-.7659292{col 67}{space 3}-.5101204
{txt}{space 1}_Iyear_2000 {c |}{col 14}{res}{space 2} -.752259{col 26}{space 2} .0680413{col 37}{space 1}  -11.06{col 46}{space 3}0.000{col 54}{space 4}-.8859821{col 67}{space 3}-.6185359
{txt}{space 1}_Iyear_2001 {c |}{col 14}{res}{space 2} -.546534{col 26}{space 2} .0528054{col 37}{space 1}  -10.35{col 46}{space 3}0.000{col 54}{space 4}-.6503137{col 67}{space 3}-.4427544
{txt}{space 1}_Iyear_2002 {c |}{col 14}{res}{space 2}-.6387354{col 26}{space 2} .0582699{col 37}{space 1}  -10.96{col 46}{space 3}0.000{col 54}{space 4}-.7532544{col 67}{space 3}-.5242164
{txt}{space 1}_Iyear_2003 {c |}{col 14}{res}{space 2}-.6303304{col 26}{space 2} .0496993{col 37}{space 1}  -12.68{col 46}{space 3}0.000{col 54}{space 4}-.7280054{col 67}{space 3}-.5326554
{txt}{space 1}_Iyear_2004 {c |}{col 14}{res}{space 2}-.5869925{col 26}{space 2} .0503612{col 37}{space 1}  -11.66{col 46}{space 3}0.000{col 54}{space 4}-.6859684{col 67}{space 3}-.4880166
{txt}{space 1}_Iyear_2005 {c |}{col 14}{res}{space 2}-.7674199{col 26}{space 2} .0519769{col 37}{space 1}  -14.76{col 46}{space 3}0.000{col 54}{space 4}-.8695713{col 67}{space 3}-.6652685
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} 2.840077{col 26}{space 2} .6939512{col 37}{space 1}    4.09{col 46}{space 3}0.000{col 54}{space 4}  1.47624{col 67}{space 3} 4.203914
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
   sector_id {c |}   absorbed                                     (445 categories)

{com}. 
{txt}end of do-file

{com}. 